eugene-closes-212-billion-himart-deal

Eugene closes $2.12 billion Himart deal

The Korean conglomerate fends off more than 10 competing bids and raises part of its acquisition finance through the country's first significant leveraged loan for the year.
February 04, 2008
South Korea's Eugene Group has completed its purchase of the country's largest electronics retailer Himart for W1.95 trillion $2.12 billion. The deal closed on January 30 after it was approved by the Korea Fair Trade Commission and following the successful syndication of a loan that makes up the bulk of its financing.

According to bankers close to the deal, Eugene beat off more than 10 competing bidders for the stake held by Affinity Equity Partners by offering the Hong Kong-based private equity firm a ôclean exitö rather than the highest price.

In an environment hostile to private equity activities that is still darkened by Lone StarÆs purchase of Korea Exchange Bank in 2003, public...
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