Korea’s IMM, Mirae Invest KRW250 Billion in POSCO Specialty Steel (Asia)
Source: Asian Venture Capital Journal | Author: Tim Burroughs
Korea-focused private equity firm IMM Private Equity and emerging markets investment manager Mirae Asset Private Equity have together agreed to acquire a 24 percent stake in Korea-based integrated steelworks company POSCO Specialty Steel for KRW250 billion (approximately US$223.2 million). According to a regulatory filing, the investors will subscribe to 8.6 million convertible preference shares with a conversion price of KRW29,000 (approximately US$26) per share, with each contributing KRW125 billion (approximately US$111.6 million) to the deal. IMM’s investment will be structured through its second fund. POSCO, which produces stainless steel, tool steel and special alloy steel, intends to use the financing to support expansion efforts.