Kang Sung-bu Fund Acquires Meritz Asset Management

[Asia Economy Reporter Park So-yeon] Activist fund management company KCGI, led by CEO Kang Sung-bu, has signed a stock purchase agreement to acquire Meritz Asset Management.

According to the investment banking (IB) industry on the 9th, the KCGI consortium signed a stock purchase agreement on the 6th to acquire 2,646,000 shares, representing 100% of the common stock of Meritz Asset Management held by Meritz Financial Group.

The sale price is reported to be around 40 to 50 billion KRW. Meritz Asset Management manages assets worth approximately 3 trillion KRW. KCGI plans to pay the remaining balance once the approval process by the financial supervisory authorities is completed.

KCGI (Korea Corporate Governance Improvement Fund) was established in 2018 by CEO Kang, an expert in corporate governance and former analyst. The fund has engaged in shareholder activism against companies such as Hanjin KAL. Recently, it has attracted attention by acquiring more than 5% stake in Ostem Implant, the leading company in the domestic implant industry.

KCGI stated that it aims to become ▲a convenient, reliable, and attractive asset management company ▲a leading company in K-innovation ▲a representative asset manager in K-ESG investment ▲and a leading asset manager in K-global investment.

KCGI added, "After the major shareholder change approval by the regulatory authorities, we plan to hold a public contest for the company name and conduct open recruitment for talented individuals."

This content was produced with the assistance of AI translation services.