SCI Pyeongga Information Pre-Bid 5 Companies Shortlist Selected

Financial Information Companies, Asset Appraisers, Investment Specialists, etc.
Participate in Corporate Due Diligence by the End of November

Five companies have been shortlisted as potential buyers in the preliminary bidding for the sale of SCI Pyeongga Information, the only comprehensive credit information company in Korea. Financial data service specialists, asset appraisal firms, and investment companies are expected to compete for the acquisition.

Yeouido SCI Evaluation Information Headquarters. Photo by Yongjun Cho jun21@

According to the investment banking (IB) industry on the 26th, Samsung Securities, the lead manager for the sale of SCI Pyeongga Information, recently selected five bidders who offered favorable terms from among the potential buyers participating in the preliminary bidding. The five companies on the shortlist have been conducting due diligence since last week. An industry insider stated, "Among the companies shortlisted, some are known to be forming consortia with new potential investors to maximize synergy effects."

The due diligence involves leading domestic financial and economic data providers, asset appraisal firms in related industries, and large investment-focused financial companies. These firms reportedly responded to the preliminary bidding believing that the numerous credit information business licenses and related credit data held by SCI Pyeongga Information will serve as new growth engines in the new data era.

The due diligence will be conducted over approximately two months until the end of November. The seller plans to provide a relatively sufficient due diligence period, considering the Chuseok holiday. Unlike typical mergers and acquisitions (M&A), the sale of SCI Pyeongga Information requires completion of the financial authorities' major shareholder suitability review after the deal is concluded for the transaction to be finalized. The due diligence period was set somewhat longer to include preliminary checks on whether the buyer meets the major shareholder requirements during the due diligence process. Meanwhile, the sale target is approximately 57% of the management rights and shares of SCI Pyeongga Information held by Jinwon Holdings Company Ltd. and its special related parties.