Rapport Labs, operator of the middle-aged women's fashion platform "Queenit," is set to become the new owner of data home shopping firm SK Stoa.
On the 24th, according to the investment banking (IB) industry, Rapport Labs signed a stock purchase agreement (SPA) in the morning with SK Telecom to acquire a controlling equity stake in SK Stoa.
The acquisition target is 100% of the equity in SK Stoa held by SK Telecom, and Media S, operator of Channel S, which produces variety shows including "Jun Hyun-moo Plan," is also included. The acquisition price is said to be about 110 billion won.
Rapport Labs previously entered the SK Stoa sale process and was selected as the preferred bidder. In early this month, it reached a final agreement with SK Telecom on the terms for the sale and acquisition of SK Stoa and Media S.
Rapport Labs is said to have pushed for the acquisition, highly valuing the fact that SK Stoa has secured a solid base of loyal customers among people in their 40s and 50s, the core customer group of Queenit.
In particular, while there had been talk that multiple corporations, including Hyundai Home Shopping, expressed interest in acquiring SK Stoa, Rapport Labs was the only one to conduct actual due diligence alone.
Rapport Labs has reportedly set a policy to raise at least 180 billion won in funds. This includes the SK Stoa acquisition payment and post-acquisition investment, and it has already secured 54 billion won.
It has been 18 years since a merger and acquisition (M&A) was concluded in Korea's home shopping industry, following the 2007 sale of Lotte Home Shopping (formerly Woori Home Shopping).
Rapport Labs plans to close the transaction in the first half of next year after obtaining approval for a change in the largest shareholder from the Korea Media and Communications Commission (KMCC).