Samsung to sell iMarketKorea to InterPark led consortium for $378.4 mn

Samsung Group today agreed to sell its procurement arm iMarketKorea Inc to a consortium led by online shopping mall operator InterPark Corp, for 24,100 won per share, valuing the company at more than 422 billion won ($378.4 million).

South Korea's largest conglomerate has already sold its 48.7-per cent-plus stake from nine Samsung affiliates including Samsung Electronics Co to a consortium that includes InterPark, private equity firm H&Q and Korea Venture Business Association.

Launched in 2000 by Samsung, iMarketKorea provides goods and maintenance services for business clients. The company manages over one million products and operates in North America, South America, Asia, and Europe apart from its home country.

Listed on Korea's KOSDAQ exchange in July 2010, iMarketKorea had sales of 1.55 trillion won last year, with an operating profit of 39 billion won.

Kohlberg Kravis Roberts & Co and MBK Partners were also in the running for iMarketKorea.

''Samsung and the Interpark-led consortium are expected to complete the sale of iMarketKorea by the end of the year after signing an agreement in early November,'' Samsung Group said in a statement.