Korean lenders to Accell Group threaten to boycott KKR

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The story "Korean lenders to Accell Group threaten to boycott KKR" was covered 4 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Korean lenders to Accell Group threaten to boycott KKR - Korea Economic Daily

Quick Summary:

Some of them warn they may boycott the buyout firm in future investmentsTen South Korean financial services companies have poured a combined 200 billion won ($136 million) into Accell Group to fund KKR’s €1.56 billion ($1.5 billion) purchase of the European bike company.“The Accell acquisition financing damaged our trust in KKR,” said an official at one of the financial services firms.“We’ll never participate in KKR’s fundraisings in the future.”Shinhan Securities Co.arranged the 200-billion-won debt financing.

KKR & Co.is facing a huge backlash from South Korean financial services firms after the debt restructuring of Dutch bicycle manufacturer Accell Group, which the private equity firm acquired in 2022, caused heavy losses.

Another official at one of the Korean lenders said KKR had been hardly reached for direct communication to discuss about investment losses from Accell.“Now that the risk is resolved, they are talking about improving relations,” he complained.