Activst fund KCGI struggles to fund Hanyang Securities deal

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Activst fund KCGI struggles to fund Hanyang Securities deal - Korea Economic Daily

Quick Summary:

KCGI, a South Korean private equity firm, has been struggling to raise funds for its 244.9-billion-won ($183 million) purchase of a controlling stake in Hanyang Securities Co.with investors put off by its high bidding price and regulatory hurdle, putting the deal at risk of collapse, according to people familiar with the situation on Monday.

To fund the stake purchase, Kang Sung-boo, chief executive of KCGI, has reached out to domestic financial services firms, including Daol Investment & Securities Co., Cape Investment & Securities Co.and OK Financial Group, the parent of OK Savings Bank.

DAOL INVESTMENT & SECURITIESIn particular, Kang persuaded Daol Investment’s Chairman Lee Byung-chul to join a consortium to take control of Hanyang Securities, South Korea’s 28th largest brokerage firm.