LG Chem Sells Aesthetics Business to VIG Partners for 200 Billion KRW
"Enhancing Competitiveness Through Portfolio Adjustment"
On August 7, LG Chem announced that it has decided to sell its aesthetics business, including fillers, within its Life Sciences Division to the private equity fund (PEF) manager VIG Partners.
This transaction was approved solely by the board of directors, without the need for a special resolution at a general shareholders' meeting. The transfer price is 200 billion KRW, which is approximately 0.42% of LG Chem's consolidated equity capital as of the end of last year (47.9955 trillion KRW). LG Chem explained that the purpose of the sale is to "strengthen competitiveness through portfolio adjustment."
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Meanwhile, VIG Partners, a domestic PEF manager, acquired management rights of Viol, a KOSDAQ-listed aesthetic medical device company, earlier this year and has pursued a tender offer to delist the company.
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