Launching a "Total Life Care" Platform
Connecting Education, IT, Healthcare, and More
Woongjin Group will acquire Freed Life, the largest funeral service company in Korea, for 883 billion won.
On April 29, Woongjin announced that its subsidiary, WJ Life, had signed a stock purchase agreement (SPA) with private equity fund manager VIG Partners to acquire a 99.77% stake in Freed Life.
The acquisition price is 883 billion won. The deal will be finalized once the down payment of 88.3 billion won is made, followed by the payment of the remaining balance by the end of next month.
Woongjin secured exclusive negotiation rights in February and conducted due diligence for about five weeks. Afterward, the company reached an agreement with VIG Partners on the acquisition price and key terms, finalizing the acquisition process.
As of the end of last year, Freed Life was the number one company in Korea's funeral service industry, with 2.56 trillion won in advance payments. Woongjin plans to develop Freed Life into a "total life care platform" by linking it with existing affiliate services in education, IT, leisure, beauty, and healthcare.
A Woongjin representative said, "We expect that developing linked products and expanding sales channels will enhance the profitability of affiliates such as Woongjin ThinkBig."
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