Announced
Financials
Sources
Tags
Pending
credit card
Acquisition
South Korea
Financial Data and Systems
Private Equity
Private
Single Bidder
Majority
Friendly
Synopsis
Woori Bank and MBK Partners agreed to acquire Lotte Card, a Korean credit card company, from Lotte Group, for $1.2bn. In a filing with the Korea Stock Exchange, Lotte said that MBK Partners would pick 79.83% equity interest in the business and have the right to transfer up to 20% to Woori Bank, the nation’s fourth-largest commercial lender. MBK Partners plans to streamline its newly acquired credit card business in South Korea to bolster profitability against a tougher industry backdrop.
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