Ssg.Com Corp. completed the acquisition of W Concept Korea Co.,LTD from ISE Commerce Company Limited and IMM Private Equity, Inc.
May 10, 2021
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Ssg.Com Corp. entered into agreement to acquire W Concept Korea Co.,LTD from ISE Commerce Company Limited (KOSDAQ:A069920) and IMM Private Equity, Inc. for approximately KRW 270 billion on April 1, 2021. Under the term, ISE Commerce will pay KRW 60.5 billion. There may be fluctuations in the transfer amount due to the payment of profits between the Company and Wizard One after settlement. ISE Commerce Company will sell 0.1 million shares and will receive KRW 53 billion as consideration. SSG.com decided to succeed existing personnel of W Concept and operate it as a separate platform. W Concept Korea Co.,LTD reported total assets of KRW 47.26 billion and total equity of KRW 18.4 billion as at December 31, 2020. W Concept Korea Co.,LTD reported sales of KRW 60.17 billion and net income of KRW 1.11 billion in 2020. The transaction is subject to approval from Fair Trade Commission. The transaction has been resolved by Board on April 1, 2021. The deal is expected to be completed by June 30, 2021. The transaction is expected to close on April 30, 2021. The transaction is expected to close on May 17, 2021. Citigroup Global Markets Securities advised IMM Private Equity and the PEF, the underwriter for the sale of W Concept. Samjong KPMG LLC provided due diligence to Ssg.Com Corp.
Ssg.Com Corp. completed the acquisition of W Concept Korea Co.,LTD from ISE Commerce Company Limited (KOSDAQ:A069920) and IMM Private Equity, Inc. on May 11, 2021.
ISE Commerce Company Limited is a Korea-based company engaged in the electronic commerce business. The Company engages in the provision of overseas and domestic shopping agency services through Internet catalogues: WIZWID, SKINRx, HauOlin, Sports25 and others. WIZWID provides apparels, shoes, bags and others. SKINRx mainly provides skin care products, body and hair care products, make-ups, fragrances and others. HauOlin provides living and home related items such as fabrics, furniture, kitchen and bath appliances and others. Sports25 principally provides leisure lifestyle sports goods. The Company also involves in the offline business, operating Wconcept store, Ntrend project, HanOlin store, and Jinny Kim Store. On April 1, 2013, the Company divested its brand-Jinny Kim business into a newly established wholly owned subsidiary.
ISE COMMERCE COMPANY LIMITED 
