MBK Partners and Meritz Financial Group failed to resolve their dispute over Homeplus restructuring emergency funding during a May 9 meeting convened by the Democratic Party's Euljiro Committee at the National Assembly. The two parties remain deadlocked over guarantee conditions for approximately 100 billion won in operating funds needed before the May 20 court appeal deadline. The court terminated Homeplus restructuring proceedings on May 3, and without secured funding before the deadline, the company faces potential liquidation.
MBK and Meritz Deadlock Over 100 Billion Won Guarantee Conditions
The May 9 meeting at the National Assembly Member's Hall brought together Kim Kwang-il, Vice Chairman of MBK Partners, Kim Joong-hyun, CEO of Meritz Fire & Marine Insurance, and Cho Joo-yeon, CEO of Homeplus. The core dispute centers on conditions for releasing emergency operating funds.
Meritz deposited 100 billion won in an escrow account requiring guarantees from MBK Partners and Chairman Kim Byung-joo. MBK countered that Meritz must first present a loan commitment for 200 billion won before MBK will proceed with the 100 billion won guarantee.
Democratic Party Representative Kim Nam-geun stated after the meeting, "The 100 billion won is in escrow and could be executed by May 20 if MBK Chairman Kim Byung-joo provides his personal guarantee, but both sides have planted many landmines." He added, "The two groups are overtly pushing toward liquidation while making execution practically difficult."
Democratic Party Threatens Parliamentary Hearing Over Funding Impasse
Min Byung-duk, Chairman of the Euljiro Committee, pressured both parties, stating, "Emergency operating funds of approximately 100 billion won are needed. Meritz and MBK management must fulfill their social responsibilities as creditors and investors."
The Democratic Party announced plans to pursue a parliamentary hearing on the Homeplus situation after the meeting failed to produce substantive agreement. The party indicated it will examine whether MBK fulfilled appropriate responsibilities as a National Pension Service asset manager.
The party expressed concern that Homeplus restructuring extends beyond debt recovery to affect employment, partner companies, tenant businesses, and local commercial districts. The appeal deadline expires May 20, and failure to secure operating funds by then will further reduce prospects for resuming restructuring proceedings.
TA Associates Selected as New Preferred Bidder for CG Bio After IMM PE Talks Collapse
TA Associates was selected as the new preferred bidder for CG Bio, a Daewoong Group regenerative medicine company, after negotiations with IMM Private Equity collapsed. According to investment banking industry sources, CG Bio's seller concluded negotiations with IMM PE and entered new negotiation procedures with TA Associates.
IMM PE previously pursued acquisition of CG Bio's controlling stake but failed to narrow differences on detailed conditions before signing the stock purchase agreement. Market sources cite non-compete clauses, related-party transactions, and remaining stake purchase conditions as factors behind the negotiation collapse.
The sale target is a 51% controlling stake in CG Bio, with total enterprise value discussed around 1 trillion won. TA Associates resumed negotiations with the seller after IMM PE talks ended. If TA Associates completes the main contract, CG Bio's sale process will enter a new phase.
CG Bio specializes in regenerative medicine products including bone substitutes, moist dressings, anti-adhesion agents, and fillers. Representative products include Novosis bone substitute, Easyderm moist dressing, and Mediclo anti-adhesion agent. The company signed an exclusive commercialization agreement in May with DePuy Synthes, a Johnson & Johnson MedTech affiliate, for Novosis products in the United States, Canada, and Australia.
Centroid PE Joins Hanwha Life's Acuon Capital Acquisition as Financial Investor
Centroid Investment Partners will participate as a financial investor in Hanwha Life's acquisition of Acuon Capital. According to investment banking industry sources, Hanwha Life decided to bring in Centroid PE as FI during the funding process for acquiring Acuon Capital. Hanwha Life was selected as preferred bidder for Acuon Capital last month and has been reviewing the acquisition structure.
The sale target is approximately 96% of Acuon Capital held by global private equity firm EQT Partners. Since Acuon Capital holds 100% of Acuon Savings Bank, this transaction is a package deal acquiring both the capital company and savings bank. Market sources cite the total sale price around 1 trillion won.
Hanwha Life is considering a structure combining acquisition financing and equity investment. Attracting external FI reduces the burden of directly invested funds. Hanwha Life reportedly considers securing the stake needed to maintain management control while receiving FI funds for remaining shares.
Centroid PE has an existing equity relationship with Hanwha Life, which holds a 15% stake in Centroid PE as the second-largest shareholder. If Centroid PE participates as FI in the Acuon Capital acquisition, it will mark the first joint investment between the two parties. Hanwha Life and the seller are currently negotiating detailed conditions for signing the main contract.
FAQ
What is the deadline for MBK Partners and Meritz Financial to resolve the Homeplus funding dispute?
The court-set appeal deadline is May 20. If emergency operating funds of approximately 100 billion won are not secured by this date, Homeplus restructuring proceedings face potential liquidation.
Why did negotiations between IMM Private Equity and CG Bio collapse?
IMM PE and CG Bio failed to narrow differences on detailed conditions before signing the stock purchase agreement. Market sources cite disagreements over non-compete clauses, related-party transactions, and remaining stake purchase conditions as factors behind the negotiation collapse.
