Affinity Equity Partners has sold all remaining equity in Shinhan Financial Group in the form of an after-hours block trade.
According to investment banking (IB) industry sources on the 25th, Affinity sold 9,742,340 shares of Shinhan Financial Group, representing approximately 1.94%, in a block trade on the previous day, the 24th.
The sale price per share is around 59,475 to 59,780 won, reflecting a discount of about 2 to 2.5% compared to the previous day's closing price of 61,000 won. Accordingly, Affinity is estimated to have realized a profit of approximately 580 billion won. UBS is said to have acted as the underwriter for this transaction.
Earlier, Affinity participated in a paid-in capital increase for Shinhan Financial Group by investing 605 billion won in September 2020. At that time, Affinity acquired 20.44 million shares, or approximately 3.85%, at 29,600 won per share. Since then, Affinity has sold some of its equity last year.
A representative from Shinhan Financial said, "With the execution of this Affinity block deal, concerns over the sale of equities held by private equity funds that participated in the paid-in capital increase after the lock-up period has elapsed have been resolved," adding, "IMM, which holds residual equities related to the capital increase, has no overhang issue as a long-term investor."