Blackstone (NYSE:BX) has started the process of selling its controlling stake in South Korean pharmaceutical wholesaler Geo-Young in a deal estimated to be worth up to $1.4B, according to a media report Wednesday.
The private equity firm, which in 2019 acquired a 71% stake in Geo-Young at an enterprise value of 1.1T won (US$845.8M), recently asked investment banks to choose underwriters for the proposed transaction, The Korea Economic Daily reported, citing people with knowledge of the matter.
The article pointed out that Geo-Young is South Korea’s largest medicine wholesaler by revenue, controlling some 80% of the domestic medicine and medical device distribution market.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Blackstone (BX) controls 99.17% of Geo-Young in a consortium with the latter’s co-founders Cho Hae-sun and Lee Hee-koo. Cho has a 22% stake, while Lee holds a 7% stake, the article said, though it remains to be seen whether they will sell their combined stake.
Source: Seeking Alpha
Can’t stop reading? Read more
Carlyle backs Mecachrome with €290m financing in aerospace credit push
Carlyle backs Mecachrome with €290m financing in aerospace credit push Carlyle has committed €290m...
Invesco teams up with LGT to push private equity and credit into wealth market
Invesco teams up with LGT to push private equity and credit into wealth market Invesco has...
Welsh Carson scores IPO exit as Lumexa Imaging raises $463m in US debut
Welsh Carson scores IPO exit as Lumexa Imaging raises $463m in US debut Welsh Carson Anderson...