U.S.-based Blackstone Group said on Tuesday it had agreed to acquire South Korea...
FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange April 4, 2016. REUTERS/Brendan McDermid
SEOUL - U.S.-based Blackstone Group said on Tuesday it had agreed to acquire South Korean wholesale drug distributor Geo-Young in a deal with the company’s founder. Blackstone did not disclose the value of its investment, but Maeil Business Newspaper said the private equity fund had agreed to buy a 46 percent stake in Geo-Young for 1.1 trillion won from another private equity firm.
Geo-Young founder and Chief Executive Cho Sun-hae would remain as a shareholder and retain her leadership role, Blackstone said in a statement. The transaction was expected to close in the second quarter of 2019, subject to regulatory approvals, Blackstone added.
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