Hyundai Motor Securities Co. under the family of South Korea’s Hyundai Motor Group, said on Thursday that it has completed a secondary underwriting deal to the mega $18 billion sale in June of Toshiba’s flash memory division to a multinational consortium led by U.S. private equity firm Bain Capital.
The latest deal Hyundai Motor Securities led was to arrange secondary sale of the preferred shares issued by the spun-off Toshiba Memory that falls under joint ownership of a number of strategic and financial investors that also include Korean chipmaker SK Hynix after the sale.
Hyundai Motor Securities became in charge of reselling Bain’s share in non-convertible preferred stock offering. It has formed a fund in the scale of 560 billion won ($501 million) to acquire the shares along with a number of Korean institutional players.
Nonconvertible preferred shares in the $18 billion deal amount to around 5 trillion won, said the company. Among the holders are Apple, Dell, and Kingston Technology Co.
An unnamed official from Hyundai Motor Securities said the investment bank was the only Korean financial investor to be involved in the underwriting process of non-convertible preferred shares in the mega deal.
By Han Woo-ram and Lee Eun-joo
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