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MBK Partners seeks approval for Lotte Card acquisition

MBK Partners filed an application with the Financial Services Commission to request approval for its acquisition of Lotte Card Co. Ltd., The Chosun Ilbo reported Aug. 12, citing the FSC.

The South Korean private equity investor and consortium partner Woori Bank signed an agreement to acquire 79.83% of Lotte Card from LOTTE Corp. for 1.38 trillion won in May.

Under the agreement, Woori Bank and the Lotte holding company will hold about 20% each.

The FSC is expected to complete its review of MBK Partners' eligibility to become the controlling shareholder of Lotte Card by the Oct. 11 deadline for Lotte Corp.'s divestiture of Lotte Card.

As of Aug. 12, US$1 was equivalent to 1,219.58 South Korean won.