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CBC consortium buys S Korean botox maker Hugel stake for US$1.5 billion

SEOUL : A consortium led by healthcare-dedicated investment firm CBC Group agreed to acquire a 47per cent stake in South Korea's top botox maker Hugel Inc from Bain Capital for 1.7 trillion won (US$1.5 billion), GS Holdings and Hugel said on Wednesday.

The consortium also includes Abu Dhabi sovereign wealth fund Mubadala Investment Co, South Korea's GS Holdings Corp and private equity firm IMM Investment Corp, it said in a joint statement.

The deal includes agreed-for payments for shares and convertible bonds, GS Holdings and Hugel said in regulatory filings.

"By leveraging our foothold in international markets, we are confident that Hugel as a Korea-based company will become a leading global aesthetics business by expanding significantly into the United States, Europe, China and the rest of the world," said Michael Keyoung, CBC's managing director and head of North America and Korea.

The market capitalisation of Hugel, listed on South Korea's junior board KOSDAQ, was about 2.6 trillion won (US$2.23 billion) on Wednesday trade.

For more than a decade, Hugel has seen growth in the domestic market through aesthetic products such as botolinum toxin and hyaluronic acid fillers.

Hugel reported an operating profit of 56 billion won in the first half of this year against 29 billion won the previous year. Its 2020 revenue rose 3per cent from the previous year to 211 billion won, according to company filings.

(US$1 = 1,167.1300 won)

(Reporting by Joyce Lee; Editing by Jacqueline Wong)

Source: Reuters


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