E-mart and Shinsegae Buy Out SSG.com's Financial Investors for $875.9m
A call option ends the 2018 investment by Affinity and BRV after seven years; E-mart now owns 65.1% and Shinsegae 34.9%.
- Deal value
- $877m
- Stake
- 30%
- Implied 100%
- $2.9bn
- Revenue
- $929m
- Op. income
- -$81m
- Multiples
- PSR 3.1x
구주
Secondary KRW 1.2711tn ÷ 30% stake
2025 연결 · DART-verified
2025 연결 · DART-verified
On implied equity value
DART 20260331002367
- Target
- SSG.com · E-commerce (online retail)
- Buyer
- E-mart · Shinsegae · SI
- Seller
- Olympus First (SPC backed by KDB, Shinhan Bank and NH Investment & Securities; Affinity and BRV sold to it in Nov 2024)
- Structure
- Secondary
- Announced
- Jun 11, 2026
- Closed
- Aug 26, 2026
- Stage
- Closed
Target
SSG.com is Shinsegae Group's online retail platform, launched in 2019, with a reported market share of around 10%. It posted an operating loss of KRW 117.8 billion in 2025, its seventh consecutive annual loss.
Deal rationale
Per Etoday, in November 2024 Shinsegae brought in Olympus Jecha, an SPC backed by KDB, Shinhan Bank and NH Investment & Securities, to buy the 30% stake of the prior FIs (Affinity, BRV) for KRW 1.15 trillion, with E-mart and Shinsegae holding a call option on the full stake 18 months after signing. On 11 June 2026 E-mart (857,036 shares, KRW 827.5 billion) and Shinsegae (459,456 shares, KRW 443.6 billion) exercised it, taking 100% ownership; Shinsegae cited e-commerce operating efficiency and medium- to long-term value. Hankyung reported analysis that the group revised its growth strategy as an IPO looked unlikely.
| Revenue | $929m |
| Operating income | -$81m |
| EBITDA | — |
| Net income | -$69m |
2025 연결 · DART-verified · 20260331002367
Lead
E-mart and Shinsegae bought the 30% stake in SSG.com held by its financial investors for $875.9m. E-mart paid $570.7m and Shinsegae $305.9m. The seller was Olympus Jeil-cha, the vehicle of Affinity Equity Partners and BRV Capital. The call option was exercised on 11 June 2026 and the acquisition completed on 26 August. E-mart now owns 65.1% and Shinsegae 34.9%.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It settles an exit dispute that had run since the financial investors came in in 2018. The buyers used a call option exercisable 18 months after a shareholder agreement signed in November 2024, an example of how financial investors in conglomerate affiliates get repaid.
Strategic context
| Item | Figure |
|---|---|
| 2025 revenue (consolidated) | $931m (2024: $1.1bn) |
| 2025 operating loss | $81.2m |
| 2025 net loss | $68.8m |
| Implied 100% value from the 30% price | about $2.9bn |
Financials from the DART consolidated audit report. No earnings multiple is given because the company is loss-making.
SSG.com is reported to be preparing a spin-off (split into separate companies) after the deal, tied to the separation of the Shinsegae siblings’ business groups.
What’s next
The spin-off timetable and how E-mart and Shinsegae each reorganise their online businesses afterwards are the next things to watch.
Advisors: Kim & Chang (buy-side legal)