Shinsegae Department Store Will Not Acquire Seoul Auction... Collaboration Continues

Difficulty in Reconciling Differences Over Acquisition Amount
Collaboration Continues... Ongoing Consideration of New Business

Shinsegae Department Store Main Branch [Photo by Shinsegae].

Shinsegae Department Store has decided not to acquire the art auction company Seoul Auction.

On the 7th, Shinsegae announced, "We reviewed the acquisition of Seoul Auction shares but have ultimately decided not to proceed."

In March 2021, Shinsegae actively pursued art-related businesses by adding art exhibition, sales, brokerage, leasing, and related consulting services to its corporate bylaws. In December of the same year, Shinsegae acquired 856,767 shares of Seoul Auction for approximately 28 billion KRW, holding a 4.8% stake. At that time, Shinsegae stated that the equity investment was "to prepare for entry into the promising art market while showcasing stable product sourcing and differentiated art business."

Since June last year, discussions to acquire Seoul Auction were actively conducted, but it appears that differences over the acquisition price and other terms could not be resolved. However, the plan is to continue the art-related collaboration with Seoul Auction. A Shinsegae representative said, "Although we had long discussions on various aspects, it was difficult to reconcile differences," adding, "We will continue diverse collaborations with Seoul Auction while continuously considering Shinsegae’s own differentiated new businesses."

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