Hyundai Department Store Co. Ltd. completed the acquisition of a 39.062913% stake in Zinus, Inc from Lee Yun-jae and family for approximately KRW 880 billion.
May 24, 2022
Share
Hyundai Department Store Co., Ltd. (KOSE:A069960) agreed to acquire a 30% stake in Zinus, Inc (KOSE : A013890) from Lee Yun-jae and family for approximately KRW 770 billion on March 22, 2022. Separately, Hyundai Department Store agreed to buy new Zinus shares worth KRW 120 billion to finance construction of the mattress maker third factory in Indonesia. Lee and family own 38.21 % of Zinus shares. Lee will continue to take part in management as head of the board with the rest 8.21% stake. The transaction has been approved in board meeting of Hyundai Department Store. This transaction will help Hyundai Department Store to achieve its goal to expand sales from furnishing business to KRW 5 trillion by 2030. The transaction is expected to close on May 31, 2022. As per the article on May 18, 2022 The transaction is expected to close on May 25, 2022.
Hyundai Department Store Co. Ltd. (KOSE:A069960) completed the acquisition of a 39.062913% stake in Zinus, Inc (KOSE:A013890) from Lee Yun-jae and family for approximately KRW 880 billion on May 25, 2022.
Zinus Inc is a Korea-based company mainly engaged in the manufacture and sale of bed mattresses. The Company's mattress products include foam mattresses, spring mattresses, toppers. In addition, the Company provides bed frames, smart bases, box springs, platform beds, pillows and other bedroom furniture. Besides, the Company also provides standing desks, standing table desks, pet beds, pet steps and other furniture. The Company sells its products in domestic and overseas markets.
Hyundai Department Store Co. Ltd. completed the acquisition of a 39.062913% stake in Zinus, Inc from Lee Yun-jae and family for approximately KRW 880 billion.