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[Alpha Biz=(Chicago) Reporter Kim Jisun] BlackRock Asset Management, the world's largest asset management company, has been selected as a financial investor (FI) of Airfirst, a semiconductor industrial gas company owned by IMM Private Equity (IMM PE), a South Korean private equity fund (PEF) operator.
According to the investment banking (IB) industry, IMM PE signed a SPA with BlackRock on the 8th to sell a minority stake in Air First. BoA Securities, the organizer of the sale of a minority stake in Air First, has been coordinating final conditions over Black Rock, KKR and Brookfield Asset Management until recently, and finally selected Black Rock on the same day.
AirFirst's stake acquired by BlackRock is about 30%, including old shares and new shares. Air First's corporate value is estimated at 3.7 trillion won. As a result, BlackRock's stake acquisition is expected to be about 1.1 trillion won. BlackRock will secure 60 billion won worth of new shares through a paid-in capital increase conducted by AirFirst, while receiving 1.5 trillion won worth of old shares held by IMM PE.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
