InterPark Inks Deal for iMarketKorea

A consortium led by online shopping mall operator InterPark Corp. has signed a deal to take over Samsung Group procurement arm iMarketKorea Inc. in a deal worth more than 422 billion won ($378.4 million), Reuters reported Friday. On Monday, the InterPark-led consortium beat private equity firms KKR & Co. and MBK Partners when it was picked as preferred bidder for iMarketKorea, set up by Samsung in 2000 to provide goods and maintenance services for business clients, Reuters wrote.

(Reuters) – A consortium led by online shopping mall operator InterPark Corp has signed a deal to take over Samsung Group procurement arm iMarketKorea Inc for 24,100 won per share, InterPark said on Friday, a deal worth more than 422 billion won ($378.4 million).

Interpark said in a regulatory filing that the consortium, which included private equity firm H&Q and Korea Venture Business Association, had agreed to acquire a 48.7 percent-plus stake from nine Samsung affiliates including Samsung Electronics Co Ltd .

The country’s biggest business group launched a rare divestment in August against the backdrop of warnings from the administration of President Lee Myung-bak and politicians that the maintenance, repair and operation (MRO) businesses of the country’s conglomerates could hurt small and medium-size enterprises.

On Monday, the InterPark-led consortium beat private equity firms KKR & Co LP and MBK Partners when it was picked as preferred bidder for iMarketKorea, set up by Samsung in 2000 to provide goods and maintenance services for business clients.

InterPark added that the stake size that Korea Venture Business Association would receive was dependent on follow up discussions with the seller.

Goldman Sachs Group Inc oversaw the sale process.