Daol Investment & Securities has announced that it signed an MOU to sell 52% shareholding of its subsidiary that operates in private equity, Daol Investment, to South Korea’s Woori Financial Group.
Woori Financial Group is one of the biggest banks in South Korea and has been a front runner for the acquisition.
The agreed price for 52% stake is around 210 billion won (approx. $169 million), according to the report from several media outlets in South Korea. Both parties are expected to begin due diligence soon to sign a stock purchase agreement by the next month and close the deal by March.
Woori Financial Group is said to accelerate the speed of expanding its non-banking business portfolio, such as brokerage, insurance and venture capital. The group’s top focus in its M&A plan is now acquiring a brokerage arm for its own.
There were reports last November that Daol Financial Group was seeking to sell its brokerage arm in Thailand as well, while Daol Investment & Securities is a major shareholder of the Thai subsidiary.