[Market Focus] Woongjin Surges Over 10% After Completing Preed Life Acquisition

Woongjin's stock price is strong following the final completion of its acquisition deal for the funeral service company Preed Life.

As of 9:58 a.m. on June 16, Woongjin was trading at 2,570 won, up 250 won (10.78%) from the previous trading day.

On June 13, Woongjin acquired a 99.77% stake in Preed Life from private equity firm VIG Partners for 887.9 billion won. Going forward, Preed Life will become an affiliate of the Woongjin Group, and its company name will be changed to 'Woongjin Preed Life'.

Woongjin is actively expanding into new growth areas, moving away from its education-focused portfolio. The company plans to transform itself into a total life care solutions specialist, using the acquisition of Preed Life, the top funeral service provider in Korea, as a stepping stone.