MBK to acquire Medit Corp for $2bn

MBK Partners, a private equity firm focused on investments in Asia, is to acquire South Korea’s Medit Corp, one of the world’s largest 3D dental scanner makers, for $2bn, according to a report by the Korea Economic Daily.

The report cites investment banking sources as revealing that on Thursday, MBK signed a share purchase agreement to buy a 99.5% stake in the company from Unison Capital Korea, with the deal expected to complete by February 2023.

Medit founder Minho Chang, and other shareholders who also sold their stakes, plan to reinvest most of their proceeds in the company, with MBK finally holding a 70% stake in Medit while Chang and his investors owning the remaining 30%.

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Unison Capital Korea acquired a 50% stake plus one share in Medit for about 320 billion won in 2009.

With the purchase of Medit, MBK’s Fund V has now reportedly deployed some 35% of its funding pool.

MBK Partners is focused on investing in booming Asian markets, particularly in the fields of consumer and retail, telecommunications and media, healthcare, financial services, manufacturing, infrastructure and logistics, and education etc.

MBK Partners is known for its successful deals in the car rental industry in the Asian region. It is an investor in China’s second largest car rental company eHi Car Services and South Korea’s largest car rental company KT Rental. As part of the deal with KT Rental, MBK Partners has introduced a diversified business model to help KT Rental further improve the quality and diversity of products and services, thereby boosting its corporate value.

Source: Private Equity Wire

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