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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Affinity Equity Partners, a global private equity firm, has fully exited its investment in Shinhan Financial Group by selling off its remaining stake through a block deal, realizing an estimated capital gain of nearly KRW 300 billion.
According to industry sources on June 25, Affinity sold its entire remaining stake of 9.74 million shares (1.94%) in Shinhan Financial Group on the evening of June 24 through a block trade. The shares were sold at a price range of KRW 59,475 to KRW 59,780, representing a 2.0–2.5% discount from the previous closing price of KRW 61,000. UBS acted as the sole bookrunner for the transaction.
Affinity originally invested in Shinhan in September 2020, acquiring a 3.85% stake (20.44 million shares) through a paid-in capital increase, investing a total of KRW 605 billion at a per-share price of KRW 29,600. Since then, it has gradually reduced its holdings, capitalizing on share price increases. With this final sale, Affinity has completed its exit, realizing an estimated gain of approximately KRW 291–294 billion solely from the last transaction, as the stock has more than doubled since the initial purchase.
The block sale is expected to ease market concerns over an overhang from financial investors. EQT Partners, which invested alongside Affinity during the capital increase, had previously sold off its entire stake. IMM Private Equity, another key shareholder, has indicated its intention to hold its shares for the long term.
Shinhan Financial Group shares closed at KRW 60,600 on the day of the sale, having risen 27.17% year-to-date.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
