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VIG Partners to exit South Korean car park management firm in US$140.2M deal

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VIG Partners to exit South Korean car park management firm in US$140.2M deal

VIG Partners agreed to sell car park management firm Hiparking Co. Ltd. for US$140.2 million, DealStreetAsia reported, citing a press statement.

The buyer is Plat, the operator of car-sharing service platform Carplat and a subsidiary of Humax Co. Ltd., a publicly listed smart home and automotive infotainment solutions provider.

HiParking will be rebranded as Humax Mobility upon deal completion, which is expected to take place by October-end, the report noted.

The South Korean private equity firm, through its Vogo Fund II, supported HiParking in mid-2016.

VIG is also in the final close of its fourth fund, VIG Fund IV, which is slated to raise approximately US$800 million.