Private equity fund (PEF) manager J&Private Equity (J&PE) sold about 13% of its HYUNDAI HYMS equity. However, it still holds a 40% equity stake and remains the largest shareholder. With this, J&PE recouped 100 billion won from its HYUNDAI HYMS investment. That is twice the 50 billion won in principal.
According to the investment banking (IB) industry on the 2nd, HYUNDAI HYMS's largest shareholder, "Hercules Holdings LLC," sold 12.75% of its equity via a block deal after the market closed the previous day. It is understood that foreign institutions took over the shares.
The sale price was 22,613 won per share, for a total of 102 billion won. With this sale, Hercules Holdings' HYUNDAI HYMS equity ratio fell from 52.75% to 40%.
J&PE plans to begin the sale process in earnest for the remaining 40% equity after the holiday. Recently, it selected NH Investment & Securities and Samil PricewaterhouseCoopers as sale advisors and is marketing to potential bidders. Multiple bidders are said to be showing interest.