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Woori Financial Group has been tapped as a preferred bidder for a takeover of Daol Investment, Korea's oldest venture capital firm and one of its best. The deal is expected to present a win-win outcome, as it should bolster Woori's non-banking business portfolio, while Daol Financial Group can dispel market concerns over its cash flow.
Continuing its aggressive restructuring, Daol Financial Group decided to sell its credit rating agency affiliate earlier this week. The move is in line with its latest efforts to secure liquidity by selling its key affiliates. The group said it signed an agreement with Mason Capital Management and Lead Capital Management on Wednesday to sell its 100 percent stake in the credit rating subsidiary at a price of 13 billion won ($10.2 million).
Korea's first-generation venture capital firm Daol Investment, formerly known as KTB Network, has been put up in the M&A market, as its parent company aims to secure liquidity amid market uncertainties.