Chinese group buys stake in Korean private equity firmA Chinese financial firm said yesterday that it has signed an agreement to buy about a third of a Korean private equity firm, in a move to enter Korea’s private equity sector.
Reorient Group, an affiliate of conglomerate China Chengtong Development Group, will acquire a 33.3 percent stake in Seoul-based EQ Partners, it said in a statement. The deal will be worth 4.5 billion won. Under the agreement, James Kim, the head of EQ Partners, will remain with the firm.
EQ Partners, which spun out of financial group Korea Investment Holdings in 2010, has $800 million in assets under management. Yonhap
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