Seoul, Korea, August 23, 2024-“Seoul-based private equity firm STIC Investments has agreed to acquire global leading luxury vinyl tile (LVT) flooring firm Nox Corp. at 450 billion won ($336 million) from U.S. alternative investment manager TPG Inc.,” reports The Korea Economic Daily.
“STIC signed a stock purchase agreement (SPA) to purchase a 65% stake in South Korea’s Moleem Corp., the parent of Nox, from TPG on Aug. 16, according to investment banking industry sources in Seoul. The South Korean private equity firm, which was selected as a preferred bidder in April, plans to raise the money for the deal through a fund worth about two trillion won established last year.
“Moleem’s entire stake was estimated at slightly more than 700 billion won, the sources said.
“TPG, which bought the 65% for 360 billion won in December 2017, had sought to sell the shares with a corporate valuation of 1 trillion won in 2023. But the attempt failed and the private equity firm headquartered in Fort Worth, Texas, tried to sell the stake again this year.
“STIC is also set to TPG’s acquisition financing for the stake purchase under similar conditions. The US firm borrowed 250 billion won in loans with interest rates of 3-4% per annum from South Korea’s Hana Bank and Hana Securities Co.”
