Lotte to retake $269 mn stake in logistics arm after flopped IPO

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Lotte to retake $269 mn stake in logistics arm after flopped IPO - Korea Economic Daily

Quick Summary:

Lotte Group, South Korea’s fifth-largest conglomerate by assets, will buy back a stake in Lotte Global Logistics Co.from the latter’s financial investor for about 380 billion won ($269 million) after its logistics arm failed to go public.Lotte Corp., the group’s holding company, announced on Monday in a regulatory filing that LLH has exercised its right to sell 7,472,161 shares, or 21.87%, of Lotte Global Logistics under a put option agreement signed between the two parties in 2017.

A PUT OPTION AGREEMENT The investment was made on the condition that Lotte Global Logistics must go public by 2021 under a put option agreement, which obligated Lotte Group to repurchase LLH’s holdings in the logistics company in case of its failed initial public offering by the deadline or to compensate the investor any shortfall between the IPO price and the predetermined strike price.

LLH was established in 2017 by the Seoul-based private equity firm H Private Equity, then Medichi Investment Co., to acquire the second-largest stake of 21.87% in Lotte Global Logistics for 286 billion won.