This article was displayed on the ChosunBiz MoneyMove (MM) site at 1:00 p.m. on May 15, 2026.
MBK Partners is understood to be seriously considering leaving a portion of its equity even after selling control of Nexflex. While Busan Equity Partners (EP) is currently the most active bidder, MBK Partners is said to be weighing a structure in which it keeps the No. 2 shareholder position through a reinvestment and secures additional revenue from a future rise in corporate value.
According to the investment banking (IB) industry on the 15th, MBK Partners is pushing a plan to remain the No. 2 shareholder through a reinvestment in the current Nexflex sale process. How much equity it will retain has not been decided.
Nexflex is a flexible copper clad laminate (FCCL) maker owned by MBK Partners. It acquired the company from Skylake for 530 billion won in 2023. Taekwang Group was recently mentioned as a potential buyer, but it remains in the initial review stage, and Busan EP is still seen as pushing ahead with a strong will to acquire.
Busan EP previously sought to raise acquisition financing from Mirae Asset Securities and KB Securities through early last month, but the plan fell through. Because of this, some in the market interpreted that Busan EP had dropped its bid for Nexflex. However, as Shinhan Investment, DB Financial Investment, and Daol Investment & Securities have recently been reviewing whether to arrange acquisition financing, the possibility of Busan EP's acquisition is drawing renewed attention.
The market expects the sale price of Nexflex to be formed at around 900 billion won. Busan EP is said to be seeking to raise about 550 billion won of that through acquisition financing. The senior acquisition financing is 400 billion won, the mezzanine is 100 billion won, and the revolving credit facility (RCF) is 50 billion won.
Of the remaining 250 billion won, a portion is expected to be raised by the listed company ITEK. If MBK Partners leaves equity, it is expected to reinvest at least 100 billion won. Because of this, it is no exaggeration to say that whether the transaction goes through effectively hinges on securing the acquisition financing.
The views of the lending syndicate debating whether to provide the acquisition financing are said to be divided. Some institutions are reportedly cautious because the equity size is not large and the proportion of acquisition financing is high. In particular, Shinhan Investment is said to believe it needs to further confirm Busan EP's purchase authority and funding certainty, and has yet to make a decision.
If Nexflex is sold for about 900 billion won this time, MBK Partners is estimated to record an internal rate of return (IRR) in the mid-10% range on a simple corporate value basis. However, as roughly half was financed with acquisition debt, the IRR on the equity investment could rise to the mid-20% range.
The reason MBK Partners is looking to remain the No. 2 shareholder instead of fully exiting by selling all of its equity is interpreted as a view that Nexflex still has significant room for additional growth. The FCCL that Nexflex produces is a key material for flexible printed circuit boards (FPCB) used in electronic devices such as smartphones. Companies that enter the supply chains of major customers can secure a stable delivery base, creating high barriers to entry. With demand for high value-added electronic and mobile devices increasing recently, the firm appears to be leaving room for additional revenue from future earnings improvement and a rise in corporate value.