Woori Financial Group Seeks to Acquire Daol Investment :: Maeil Business TV News

Woori Financial Holdings, which is looking to expand its non-banking portfolio, is pursuing the acquisition of Daol Investment, the venture capital (VC) of Daol Financial Group.

According to Financial Industry Today (7th), Woori Financial Group submitted a letter of intent to acquire Daol Invest late last year to Daol Investment & Securities.

Woori Financial is said to have offered the best deal as several places including Woori Financial have filed letters of intent for the takeover.

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 in the process of signing a legally binding letter of intent (LOI) or being selected as a preferred bidder for the acquisition.

As a result, a tug of war is expected to continue between the two sides over various conditions such as the acquisition amount in the future.

Previously, Daol Investment & Securities was selling subsidiaries to transfuse funds amid a liquidity crisis caused by real estate project financing (PF).

According to Korea Investors Service, the contingent liabilities of Daol Investment & Securities amounted to KRW 646 billion in the third quarter of last year, which is 93% of the share capital.

It is known that Daol Investment & Securities wants to sell the 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, as well as Daol Investment, and is also in the process of selling its Thailand subsidiary.

[ 김두현 기자 / kim.doohyeon@mktv.co.kr ]

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