South Korea’s leading private equity fund (PEF) IMM PE has finalized a contract to acquire Kolmar Korea’s pharmaceutical business unit and Kolmar Korea Holdings’ subsidiary Kolmar Pharma in a restructured deal that excludes toothpaste business from their original plan early this year.

According to industry sources, IMM PE and Kolmar Korea Group on Wednesday signed a definitive stock purchasing deal whose value is estimated at some 500 billion won ($403 million), down from an originally discussed 750 billion won because toothpaste business was ruled out the transaction.

To complete the deal, IMM PE will create a special purpose company to have a holdings entity that controls pharmaceutical business and Kolmar Pharma as two independent operations, sources said.

In February, Kolmar Korea, a leading cosmetics original development manufacturer, announced the divestiture plan with IMM PE, but whether it could reach a deal was questioned due to the COVID-19 crisis.

Shares of Kolmar Korea gained 2.66 percent to finish at 44,450 won on Thursday.

By Shin Soo-hyun and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]