Graphy acquires 26.14% of Ray Co. (26.14% stake) for KRW 49.2bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $34m
- Stake
- 26.14%
- Implied 100%
- $130m
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- Ray Co. (26.14% stake) · Dental imaging equipment
- Buyer
- Graphy · SI
- Seller
- Ray Holdings / CEO Lee Sang-cheol
- Structure
- —
- Announced
- Aug 10, 2026
- Closed
- Sep 15, 2026
- Stage
- Closed
Target
Dental device company selling imaging equipment such as dental CT and intraoral scanners plus software, with a global sales network (Money Today, IB Tomato). Acquirer Graphy makes dental 3D printing and clear-aligner materials.
Deal rationale
Graphy said it would combine its materials and treatment solutions with Ray's diagnostic equipment, software and global sales network to build a one-stop diagnosis-to-treatment portfolio and expand overseas (Money Today). IB Tomato reported the aim is recurring material sales to clinics using Ray equipment. Sellers Ray Holdings and CEO Lee Sang-cheol repaid loans and unwound share-pledge agreements with brokerages; the price reportedly carried a premium of over 100% to the then share price (around KRW 5,000). Funding came from a KRW 48.4bn CB and KRW 12.1bn CPS issuance.
Press coverage
- 머니투데이 (2026-08-14): “총 492억원을 투입했다”
- 뉴스토마토(IB토마토) (2026-08-12): “레이 주식 408만7749주(26.14%)를 약 492억원에 양수하기로 결정”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.