SEOUL (Reuters) - U.S.-based Blackstone Group said on Tuesday it had agreed to acquire South Korean wholesale drug distributor Geo-Young in a deal with the company’s founder.
Blackstone did not disclose the value of its investment, but Maeil Business Newspaper said the private equity fund had agreed to buy a 46 percent stake in Geo-Young for 1.1 trillion won ($945.2 million) from another private equity firm.
Geo-Young founder and Chief Executive Cho Sun-hae would remain as a shareholder and retain her leadership role, Blackstone said in a statement.
The transaction was expected to close in the second quarter of 2019, subject to regulatory approvals, Blackstone added.
Reporting by Ju-min Park; Editing by Stephen Coates