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MBK Partners has been tapped by Citigroup Global Markets Securities as the preferred bidder to buy Medit dental scanners and solutions firm. With this decision, the Carlyle-led consortium is now out of the bid race.
MBK Partners is a private equity company focusing on North Asia, and it is planning to buy Medit before this year ends. Things will be easier for the company because it can now start negotiating with Unison Capital which is Medit’s largest stakeholder, without having to worry about other bidders.
As per The Korea Times, sources in the industry revealed on Wednesday, Nov. 30, that Citigroup Global Markets Securities, which is serving as Medit’s sales manager, picked MBK Partners as the new preferred bidder this week.
While there are no details about the exact figures yet, it was estimated that the price of acquiring a 100% stake in the dental scanner firm would cost about KRW2.6 trillion or $2 billion in US dollars. Then again, it should be noted that the price can still change during the process of negotiation.
The estimated amount is huge, but this is actually 10% lower compared to what the Carlyle Group consortium offered in its bid in October. This consortium was formed with the GS Group, and they offered the highest bid price for Medit’s acquisition which was KRW3 trillion or $2.26 billion.
The GS-Carlyle consortium won the main bid that month, but in November, it ultimately lost its preferred bidder position due to disagreements regarding the acquisition price. Unison Capital immediately engaged in discussions with other global PEF companies, such as CVC Capital and KKR, after the fallout. Amid the talks, MBK Partners actively seized the chance for acquisition while assessing the medium and long-term growth potential of Medit on the global stage.
MBK Partners and Medit are looking to close the acquisition deal as fast as possible, so a stock purchase agreement (SPA) is expected to be signed by the end of the year. The final closing may be done before the second quarter of 2023. Pulse News reported that the acquisition involves a full stake in Medit, which is owned by its founder, Chang Min Ho, and Unison Capital.
“MBK Partners has moved fast with its decision on the investment,” an official in the industry said. “Both sides are willing to sign a stock purchase agreement before the year ends.”
