Controversy brews over HYBE Chair Bang’s investment deal with PEFs

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Controversy brews over HYBE Chair Bang’s investment deal with PEFs - Korea Economic Daily

Quick Summary:

According to financial and investment banking industry sources on Thursday, Bang is confirmed to have reaped about 400 billion won ($287 million) from HYBE’s initial public offering thanks to his private shareholders’ agreement signed with local PEFs – STIC Investments Inc., Estone Equity Partners and New Main Equity – a few years before the company’s IPO in 2020.

Bang Si-hyuk, founder and chairman of HYBE Co., the South Korean entertainment giant behind K-pop global sensations BTS and NewJeans, is embroiled in a controversy over his private shareholders’ contract with private equity firms, which is suspected to have dealt a big blow to the company’s stock immediately after its listing about four years ago.

Following PEFs’ investment in HYBE under the agreement, STIC Investments held a 12.2% stake in the Korean entertainment giant, which was called Bit Hit Entertainment at that time, and Estone and New Main Equity jointly owned 11.4%.