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, it is confirmed that Bang raked in 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 believed to have dealt a huge blow to the company’s stock immediately after its listing some four years ago.

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