XGOLF "Recovers Management Rights Through MBO"
South Korea's largest golf booking service, XGOLF, will gain full management rights.
On the 15th, it was announced that "YG PLUS has sold its 55.26% stake in the company through a Management Buy-out (MBO) by internal management." CEO Seongjun Jo plans to purchase all the shares held by YG PLUS. This MBO involves prominent Strategic Investors (SI), and including the disclosed amount, the acquisition will proceed to 100% ownership by also acquiring the shares owned by the Naver fund.
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Previous successful MBO cases in South Korea include Fila and BHC. CEO Jo plans to develop various new businesses together with Shogolf Co., Ltd., an operator of golf practice ranges. Representative projects include the corporate-exclusive booking service New Members and unmanned services (kiosks) based on IT solutions. CEO Jo expressed, "Regaining independent management rights is very meaningful," and added, "We expect to respond to customer needs faster than anyone else."
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