IMM PE Completes Exit from Woori Financial Group
- seoultribune
- 1월 28일
- 2분 분량
South Korea-based private equity firm IMM Private Equity (IMM PE) has successfully exited its investment in Woori Financial Group, securing a profit of approximately KRW 360 billion after 9 years. This investment yielded a 2.4x return on the principal and an annual internal rate of return (IRR) of 13.9%.
According to the investment banking (IB) industry on the 25th, IMM PE sold its remaining 1.38% stake in Woori Financial Group through a block deal (off-hours bulk trading) between late last year and early this year at KRW 16,218 per share. The deal generated KRW166.4 billion in proceeds.
IMM PE had previously sold 1.72% of its stake for KRW 195 billion in March last year and 2.3% for KRW 264 billion in July. With the latest transaction, IMM PE has fully divested its stake in Woori Financial Group, recovering a total of KRW 625.4 billion from the three sales. The firm realized a profit of KRW179.2 billion from the stake sales, in addition to KRW 180 billion in dividend income, amounting to a total profit of approximately KRW 360 billion.
IMM PE initially acquired a 6% stake in Woori Financial Group in December 2016 during its privatization process. The acquisition, worth KRW 446.2 billion, was funded through IMM's third blind fund, "IMM RoseGold Fund III," and project funds, "IMM Novis Fund I and II." The strategic investment in a stable financial holding company has now concluded with a successful exit.
Following the divestment, Ji Seong-bae, CEO of IMM Investment, a related entity of IMM PE, will step down from his position as an outside director of Woori Financial Group. His term as an outside director is set to end in March this year.
An industry expert commented, "This case represents a successful exit model, demonstrating outstanding returns through long-term investment and steady divestment. IMM PE's investment strategy will likely serve as a benchmark for private equity firms in South Korea."
Seoul Tribune (c)
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