Affinity Buys Majority Stake in Korean Music Platform for US$239 Million (Asia)
Source: Asian Venture Capital Journal | Author: Tim Burroughs
Asia-focused buyout fund manager Affinity Equity Partners has acquired a 52.6 percent stake in South Korea-based Leon Entertainment, a record label and digital music platform, for KRW265.9 billion (approximately US$237.7 million). Affinity bought the stake from SK Planet, a subsidiary of mobile service provider SK Telecom. As a result, SK Planet’s stake in Leon Entertainment has decreased to 15 percent. The company intends to use the capital injection to expand its reach in the United States, Europe and Southeast Asia.