This article was displayed on the ChosunBiz MoneyMove (MM) site at 10:09 a.m. on May 15, 2026.
The arranger of the acquisition financing for Ulsan GPS and SK Multi-Utility (MU) has changed. Woori Investment & Securities will solely arrange acquisition financing of about 800 billion won. Korea Investment & Securities Co., the previous arranger, is stepping back due to a conflict of interest with the acquirer Korea Investment Private Equity (PE) and will handle only a simple arrangement of 200 billion won.
According to the investment banking (IB) industry on the 15th, STIC Alternative–Korea Investment & Securities Co. PE is in the final stages to acquire Ulsan GPS and SK MU, aiming to close (payment completed) at the end of June. The total acquisition price is around 1.6 trillion won, and the acquisition financing is about 800 billion won. Woori Investment & Securities is the sole arranger, the largest scale since the firm's founding.
Initially, Korea Investment & Securities Co. was structured to arrange the acquisition financing for this deal. However, as the special-purpose company (SPC) established by Korea Investment & Securities Co. PE to acquire Ulsan GPS and SK MU was incorporated into an affiliate of Korea Investment Holdings, Korea Investment & Securities Co. faced a related-party issue. As a result, Korea Investment & Securities Co. found it difficult to book the acquisition financing on its own book and saw its role reduced to a structure in which it handles only a simple arrangement of 200 billion won in exchange for fees.
Woori Investment & Securities has been involved in this Ulsan GPS–SK MU transaction since the bidding stage. It is known to have provided an equity bridge LOC of 150 billion to 200 billion won at the time of bidding late last year. An equity bridge refers to short-term financing that temporarily fills part of the acquirer's equity that must be paid at closing until the final equity is raised. Later, by solely taking on the arrangement of the entire 800 billion won acquisition financing at the main financing stage, it moved to the center of the transaction arrangement.
Woori Investment & Securities recently executed a rights offering of 1 trillion won, with its parent Woori Financial Group acquiring all new shares. Accordingly, its equity capital increased to 2.2 trillion won, placing it around 11th among domestic securities firms. Based on the strengthened capital base, the company plans to expand participation in large IB transactions, including acquisition financing.