Shinsegae affiliate SSG.COM secures Olympus as new financial investor

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Shinsegae affiliate SSG.COM secures Olympus as new financial investor - Korea Economic Daily

Quick Summary:

COM, said in a regulatory filing on Thursday that Olympus will acquire a 30% stake in SS.COM, or 1.32 million shares, from two existing financial investors – Affinity Equity Partners and BRV Capital Management.The stake is worth 1.15 trillion won ($818 million).

COM has secured Olympus, a special purpose company created by Korean banks and securities firms, as its new financial investor.E-Mart Inc.and Shinsegae Inc., major shareholders of SSG.

Olympus is a special-purpose investor created by six local banks, including state-run Korea Development Bank and Shinhan Bank, and four brokerage firms, including NH Investment & Securities Co.