Woongjin announced on the 16th that it has finalized the transaction for the acquisition of the funeral service company Free Life.
On the 13th, Woongjin acquired a 99.77% stake in Free Life for 887.9 billion won from the private equity firm VIG Partners. The transaction was completed in six months after key procedures, including due diligence and approval from the Fair Trade Commission, which began in December of last year.
As a result, Free Life will officially launch as a subsidiary of the Woongjin Group. The company name will be changed to "Woongjin Free Life."