Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Instagram Outage Disrupts Thousands of U.S. Users 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
IMM Private Equity is said to be in talks to buy a stake in Hanssem, South Korea’s largest interior and furniture company. Based on the reports, the PE firm signed a memorandum of understanding (MOU) with Hanssem to acquire a controlling stake of 30.21%, which is said to be equivalent to ₩1.5 trillion or around $1.3 billion.
The independent private equity firm specializing in minority investment and the middle market buyout is buying the stake from Cho Chang Gul, Hanssem founder and honorary chairman, and seven other affiliated individuals.
The strategic stake acquisition
IMM Private Equity is currently the third-largest PE in Seoul and boasts $5.4 billion assets under its management. It is reportedly in discussion to become the largest stakeholder in Hanssem, and this was revealed on Wednesday, July 14.
The Korea Herald reported that the strategic investment MOU was already signed, but the furniture company did not disclose the exact proposed price for the acquisition. Cho Chang Gul was said to own almost 20% share in the company, but it was not mentioned how much of his share would be sold.
“Hanssem Honorary Chairman Cho has been in search of a strategic investor that recognizes the value of the company and its future growth potential,” the company stated. “We signed an MOU with IMM PE out of a belief that it could become a partner that is committed to Hanssem’s long-term growth and solid foundation for management.”
The identities of the affiliates whose shares were sold as part of the deal were not divulged as well. Then again, it was said that Hanssem and IMM Private Equity are set to sign a binding contract within the second half of this year.
No family succession for the company
In any case, market observers said that Cho Chang Gul may have made the decision to sell stakes in the company after ruling out family succession. This is because no one in his family could take over the business now.
It was reported that all of the founder’s children had distanced themselves from the management of Hassem, although they own a bit of stake in the company. Cho himself has also distanced himself from management and only hired professional managers to run the business.
"Although the honorary chairman's three daughters own 1.3 percent, 0.9 percent and 0.7 percent stakes in Hanssem, respectively, they have not participated in its management," The Korea Times quoted Yuanta Securities analyst Kim Ki Ryong, as saying.
