Woori Financial Holdings, which is seeking to expand its non-banking business portfolio, is pursuing the acquisition of Daol Investment, the venture capital (VC) of Daol Financial Group.
According to the financial industry today (7th), Woori Financial Group submitted a letter of intent to acquire Daol Invest at the end of last year to Daol Investment & Securities.
It is said that Woori Financial offered the best conditions while several places including Woori Financial submitted letters of intent for the acquisition.
In this regard, Woori Financial Group and Daol Investment & Securities announced that they are conducting ‘positive discussions’.
However, it has been confirmed that it is not at the stage of signing a legally binding letter of intent (LOI) or being selected as a preferred bidder for acquisition.
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As a result, it is predicted that a tug-of-war will continue between the two sides over various conditions such as the acquisition amount in the future.
Previously, Daol Investment & Securities is in the process of selling subsidiaries to transfuse funds amid a liquidity crisis caused by real estate project financing (PF).
According to Korea Investors Service, Daol Investment & Securities’ contingent liabilities amounted to KRW 646 billion in the third quarter of last year, which is 93% of equity capital.
It is known that Daol Investment & Securities wants to sell its entire stake (52%) in Daol Investment for more than KRW 200 billion.
Daol Investment & Securities sold Daol Credit Information to Mason Capital and Reed Capital Management for 13 billion won this month, in addition to Daol Investment, and is also in the process of selling its Thai subsidiary.
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