Mirae Asset Securities, which took over KDB Daewoo Securities from the state-run Korea Development Bank last year, is considering joining the race to acquire Hyundai Securities Co.
According to industry sources, LK Investment Partners, a local private equity fund (PEF), proposed to Mirae Asset Securities forming a consortium to purchase Hyundai Securities.
"We are reviewing whether to take part in a bid for the brokerage. Nothing has been decided yet." a Mirae official said. The auction will be held on Mar. 25.
LK Investment Partners is headed up by Kang Seung-boo, who has built his career as an credit analyst at Shinhan Investment Corp.
If Mirae Asset Securities joined the fray, Korea Investment Holdings and KB Financial Group - the two strongest bidders - will face new competition. The auction will be held on Mar. 25.
Mirae Asset is thought to have laid the foundation for its transition into a securities giant through last year’s takeover of Daewoo Securities. Yet some say that another M&A could put a strain on Mirae Asset’s finances because Mirae Asset already bought Daewoo Securities through a leveraged buyout (LBO).
