White Knight Fubon Financial Buys Hyundai Card Stakes from GIC, AlpInvest, and Affinity Equity
Posted on 08/17/2021
Taiwan’s Fubon Financial Holding Co., Ltd. acquired stakes in Hyundai Card from Singapore’s GIC Private Limited (owned a 9% stake), Affinity Equity Partners (owned a 9.99% stake), and AlpInvest Partners (owned a 5.01% stake) (part of The Carlyle Group). Hyundai Card is Hyundai Motor Group’s credit card unit.
Fubon Life Insurance and Fubon Commercial Bank bought common shares of Hyundai Card for 13,532 won (US$ 11.50) per share on August 13, 2021 from Consumer Preferred Choice (Affinity Equity Partners), Complete Logistic Solutions (GIC Private Ltd.), AlpInvest Partners Co-Investments 2015 I, AlpInvest Partners Co-Investments 2015 II, and AlpInvest Mich.
Estimates show sellers are said to have sold their entire 24% stake in Hyundai Card for roughly 520 billion won.
The selling of the shares from the buyers is due to the delay of Hyundai Card’s initial public offering.