The acquisition of Hanyang Securities by the private equity firm KCGI has passed the scrutiny of financial authorities.
The Financial Services Commission noted that it presented and approved the agenda for changing the major shareholder of Hanyang Securities at its regular meeting on the 11th.
KCGI entered into a stock purchase agreement with Hanyang Academy and Hanyang Securities in September of last year to push forward with the acquisition. Hanyang Academy agreed to sell its 29.59% stake in Hanyang Securities for 220.3 billion won.
With the approval of the major shareholder change for Hanyang Securities by the financial authorities, the acquisition process is expected to be completed approximately nine months after the agreement. The deadline for the stock purchase agreement is the end of June, and KCGI will become the owner of Hanyang Securities after paying the remaining amount and completing the transfer of the stock registry.
Hanyang Securities went on the market last year as its major shareholder, Hanyang Academy, faced management difficulties due to a sluggish real estate market and medical strikes.