Woongjin Group announced on the 17th that it has been selected as the preferred negotiator for the acquisition of Free Life from VIG Partners.
Woongjin has been negotiating to acquire all of VIG Partners' equity in Free Life since the end of last year. It recently reached a preliminary agreement regarding price conditions and was selected as the preferred negotiator that day.
Woongjin is expected to finalize the transaction, including signing a main contract in May after conducting due diligence on Free Life. The specific sale price is likely to vary depending on the results of due diligence and negotiations.
Woongjin plans to secure the acquisition funds through a structure of financing leveraging its external credibility and assets, including issuing corporate bonds and borrowing from financial institutions.
Woongjin has been preparing for the acquisition of Free Life, believing there could be synergistic effects between its core businesses such as education and IT and the funeral service sector. The plan is to introduce combination products utilizing key offerings and services of its subsidiaries, including Woongjin Thinkbig, along with funeral service offerings to pursue new growth.