VIG Partners "Reviewing Investment in Eastar Air... Nothing Confirmed"

As Eastar Jet notified 605 employees of layoffs, raising concerns about mass unemployment in the aviation industry, stakeholders are entering the temporary shareholders' meeting held on the 9th at Eastar Jet headquarters in Gangseo-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Park Soyeon] Private equity firm VIG Partners stated on the 2nd that while it is true they are considering an investment in Eastar Jet, "nothing has been finalized yet."

On the previous day, a media outlet reported that VIG Partners is negotiating with the largest shareholder, Seongjeong Co., Ltd., to acquire Eastar Jet, with the sale price estimated to be around 150 billion KRW. The outlet also reported that VIG Partners is conducting due diligence on Eastar Jet with the goal of making a final decision on the sale within this month.

VIG Partners is a domestic private equity firm that owns Fried Life, the number one company in the funeral services industry, and the lifestyle brand Kundal. It has successfully acquired and sold companies such as Burger King, Bodyfriend, iRiver, and Novita.