Tirebank has completed the acquisition of equity in the hybrid airline Air Premia.
According to the investment banking (IB) industry on the 30th, Tirebank Group on the day paid the remaining 99.4 billion won of the acquisition price for 22% equity in Air Premia. The total acquisition price is 119.427 billion won, of which a 20 billion won down payment had already been paid to Sono International-JC Partners.
Tirebank covered the entire balance with its own funds. It did not raise acquisition financing.
Earlier, Tirebank had set the unlisted company "Making Success," wholly owned by Chair Kim Jeong-gyu's daughters, as the entity for this equity acquisition, then shifted to having Tirebank—the group's core and cash cow—make the purchase. The contracting party for the acquisition of the 22% equity is "Making Success," but it is reported there was a clause to the effect that "a third party designated by the contracting party may acquire the equity instead."
With this balance payment, Tirebank and AP Holdings came to hold roughly 70% equity in Air Premia.