This article was displayed on the ChosunBiz MoneyMove (MM) site at 10:09 a.m. on May 15, 2026.
The arranger for the acquisition financing of Ulsan GPS and SK Multi-Utility (MU) has changed. Acquisition financing of about 800 billion won will be arranged equally by Woori Investment & Securities and Korea Investment & Securities Co..
According to the investment banking (IB) industry on the 15th, STIC Alternatives-Korea Investment Private Equity (PE) is in the final stages of procedures, aiming to close (payment completed) at the end of June for the acquisition of Ulsan GPS and SK MU. The total acquisition price is around 1.6 trillion won, and the acquisition financing is about 800 billion won. Woori Investment & Securities is arranging half, 400 billion won, the largest amount since the firm's founding.
Originally, Korea Investment & Securities Co. was to be the sole arranger for the acquisition financing of this deal. However, as the special purpose company (SPC) established by Korea Investment PE to acquire Ulsan GPS and SK MU was incorporated as an affiliate of Korea Investment Holdings, Korea Investment & Securities Co. faced a related-party issue. As a result, Hana Securities was to join and co-arrange with Korea Investment & Securities Co., but in the end Hana Securities withdrew and Woori Investment & Securities joined.
Woori Investment & Securities has been involved in this Ulsan GPS-SK MU transaction since the bidding stage. At the end of last year, it reportedly provided an equity bridge LOC of 150 billion to 200 billion won at the time of the bid. An equity bridge is short-term financing that temporarily covers part of the acquirer's equity that must be paid at closing until final sponsor funds are raised. It has since taken a central role in arranging the transaction in the main financing stage.
Woori Investment & Securities recently carried out a rights offering of 1 trillion won, with parent Woori Financial Group acquiring all new shares. As a result, its equity capital increased to 2.2 trillion won, rising to around 11th among domestic securities firms. Based on the bolstered capital strength, the company plans to expand participation in large IB transactions, including acquisition financing.