Hyundai Ezwel to acquire 88.8% of Vendys for KRW 37.1bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $26m
- Stake
- 88.8%
- Implied 100%
- $29m
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- Vendys · Corporate meal-benefit (mobile voucher) platform
- Buyer
- Hyundai Ezwel · SI
- Seller
- CEO Jo Jung-ho et al. (50%) and financial investors
- Structure
- —
- Announced
- Nov 7, 2022
- Closed
- —
- Stage
- Signed
Target
Vendys launched Korea's first mobile meal-voucher platform, Sikkeon Daejang, in 2014 and is the market leader with about 50% share; its 2021 transaction volume was reported at KRW 63.8bn.
Deal rationale
Hyundai Ezwel said it is entering the corporate meal-benefit business to become the No.1 player in both B2B and B2E markets (Edaily). It cited low customer overlap with Vendys as a source of synergy, and CEO Jang Young-soon said the company plans to become Korea's top total welfare solution provider. Vendys CEO Cho Jung-ho stays on as CEO.
Press coverage
- 이데일리 (2022-11-08): “지분 88.8%를 371억원에 인수한다고 8일 밝혔다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.