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Miami Herald
9 hours ago
- Business
- Miami Herald
Analysis: Business model of Asia's top private equity fund questioned
SEOUL, June 20 (UPI) -- Michael Byungju Kim, who worked at Goldman Sachs and the Carlyle Group, founded MBK Partners in 2005. Over the next two decades, he built it into one of Asia's leading private equity funds through aggressive mergers and acquisitions. It now manages up to $30 billion in assets. However, Chairman Kim and MBK face challenges, because of its major investments in Home Plus, South Korea's No. 2 discount chain, and Lotte Card, the country's fifth-largest card issuer. This prompts experts to question the business model of the buyout fund. Late last week, MBK vowed to write off its entire stake in Home Plus to facilitate the company's corporate rehabilitation process. The firm stated that "All $1.8 billion worth of common shares held by MBK in Home Plus will be canceled without compensation." This means that MBK is ready to walk away from the Home Plus investment empty-handed, although it poured billions of dollars to take over the supermarket chain. In 2015, MBK acquired Home Plus from Tesco in a $5.1 billion deal financed through a combination of equity and debt. But the rise of e-commerce and the impact of the COVID-19 pandemic severely undermined its performance. Since 2021, Home Plus has reported losses for four consecutive years, and its debt-to-equity ratio surged to nearly 500% this year. It filed for corporate rehabilitation in March, and MBK eventually decided to relinquish all management rights and claims while receiving nothing in return. Yet, MBK is under pressure to do more, as the National Assembly Speaker Woo Won-shik noted during his visit to a Home Plus outlet in Seoul on Wednesday. He accused MBK of showing an irresponsible stance. "The livelihoods of some 100,000 people, who are directly and indirectly employed by Home Plus, are now at risk. The damage is already severe," Woo wrote on social media. "Even after initiating rehabilitation procedures, MBK failed to assume responsibility, instead shifting the burden to workers and merchants through delayed payments, asset sales, and store closures," he added. Woo hinted at potential legislative action, including a parliamentary hearing and new regulations targeting private equity funds. Lotte Card up for grabs There are other crucial tasks for MBK and its Chairman Kim, particularly regarding Lotte Card. In 2019, MBK partnered with Woori Bank to channel $1 billion for a 79.8% interest on Lotte Card. MBK holds 59.8% and Woori has the remaining 20%. MBK tried to sell its stake in Lotte Card in 2023, but failed. The fund strives to divest its stake once again by reportedly sending teaser letters to multiple potential bidders, including Hana Financial Group, last month. UBS is managing the sales, with preliminary bids expected to open as early as mid-July. It remains to be seen whether MBK will be able to dispose of Lotte Card this time. But the sale price is predicted to go down due to the recent setbacks of the company. Lotte Card's net profit for 2024 more than halved to $100 million compared to $269 million in 2023. During the first quarter of 2025, it netted $10 million in profit, down 42.4% from a year before. Two years ago, MBK reportedly hoped to secure at least $2.2 billion for its stake, but the price is feared to decrease substantially now, which may significantly reduce MBK's potential profit. "MBK's business model has been very successful over the past 20 years as shown by the fact that its founder Kim has become the wealthiest man in the country," Seoul-based consultancy Leaders Index CEO Park Ju-gun told UPI. "But, its business model is now being put to the test. The company would have to worry about its damaged reputation and growing political momentum for regulating private equity funds," he added. In the 2025 Forbes billionaire list, Kim was second to none among South Koreans with $9.5 billion in wealth, surpassing $8.2 billion of Samsung Electronics Chairman Lee Jae-yong. Park expected that the country's unicameral parliament might introduce an act curbing highly leveraged buyouts and banning private equity funds from directly managing companies after acquisition. Seo Yong-gu, a professor of business administration at Sookmyung Women's University, echoed the concerns, although he opposed excessive regulations. "MBK has played a key role in developing Korea's capital market. But buyout funds have often been criticized for seeking short-term gains at the cost of long-term growth for a fast exit. We may need a reform," he said in a phone interview. "Highly leveraged acquisitions are also problematic. Still, I am against the idea of prohibiting private equity funds from managing their portfolio firms. It would fundamentally deny the very essence of the business," he said. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
10 hours ago
- Business
- UPI
Analysis: Business model of Asia's top private equity fund questioned
Kim Yeong-hee works at a Homeplus Geumcheon branch. Late last week, MBK vowed to write off its entire stake in Home Plus to facilitate the company's corporate rehabilitation photo by Jeon Heoo-Kyun/EPA-EFE SEOUL, June 20 (UPI) -- Michael Byungju Kim, who worked at Goldman Sachs and the Carlyle Group, founded MBK Partners in 2005. Over the next two decades, he built it into one of Asia's leading private equity funds through aggressive mergers and acquisitions. It now manages up to $30 billion in assets. However, Chairman Kim and MBK face challenges, because of its major investments in Home Plus, South Korea's No. 2 discount chain, and Lotte Card, the country's fifth-largest card issuer. This prompts experts to question the business model of the buyout fund. Late last week, MBK vowed to write off its entire stake in Home Plus to facilitate the company's corporate rehabilitation process. The firm stated that "All $1.8 billion worth of common shares held by MBK in Home Plus will be canceled without compensation." This means that MBK is ready to walk away from the Home Plus investment empty-handed, although it poured billions of dollars to take over the supermarket chain. In 2015, MBK acquired Home Plus from Tesco in a $5.1 billion deal financed through a combination of equity and debt. But the rise of e-commerce and the impact of the COVID-19 pandemic severely undermined its performance. Since 2021, Home Plus has reported losses for four consecutive years, and its debt-to-equity ratio surged to nearly 500% this year. It filed for corporate rehabilitation in March, and MBK eventually decided to relinquish all management rights and claims while receiving nothing in return. Yet, MBK is under pressure to do more, as the National Assembly Speaker Woo Won-shik noted during his visit to a Home Plus outlet in Seoul on Wednesday. He accused MBK of showing an irresponsible stance. "The livelihoods of some 100,000 people, who are directly and indirectly employed by Home Plus, are now at risk. The damage is already severe," Woo wrote on social media. "Even after initiating rehabilitation procedures, MBK failed to assume responsibility, instead shifting the burden to workers and merchants through delayed payments, asset sales, and store closures," he added. Woo hinted at potential legislative action, including a parliamentary hearing and new regulations targeting private equity funds. Lotte Card up for grabs There are other crucial tasks for MBK and its Chairman Kim, particularly regarding Lotte Card. In 2019, MBK partnered with Woori Bank to channel $1 billion for a 79.8% interest on Lotte Card. MBK holds 59.8% and Woori has the remaining 20%. MBK tried to sell its stake in Lotte Card in 2023, but failed. The fund strives to divest its stake once again by reportedly sending teaser letters to multiple potential bidders, including Hana Financial Group, last month. UBS is managing the sales, with preliminary bids expected to open as early as mid-July. It remains to be seen whether MBK will be able to dispose of Lotte Card this time. But the sale price is predicted to go down due to the recent setbacks of the company. Lotte Card's net profit for 2024 more than halved to $100 million compared to $269 million in 2023. During the first quarter of 2025, it netted $10 million in profit, down 42.4% from a year before. Two years ago, MBK reportedly hoped to secure at least $2.2 billion for its stake, but the price is feared to decrease substantially now, which may significantly reduce MBK's potential profit. "MBK's business model has been very successful over the past 20 years as shown by the fact that its founder Kim has become the wealthiest man in the country," Seoul-based consultancy Leaders Index CEO Park Ju-gun told UPI. "But, its business model is now being put to the test. The company would have to worry about its damaged reputation and growing political momentum for regulating private equity funds," he added. In the 2025 Forbes billionaire list, Kim was second to none among South Koreans with $9.5 billion in wealth, surpassing $8.2 billion of Samsung Electronics Chairman Lee Jae-yong. Park expected that the country's unicameral parliament might introduce an act curbing highly leveraged buyouts and banning private equity funds from directly managing companies after acquisition. Seo Yong-gu, a professor of business administration at Sookmyung Women's University, echoed the concerns, although he opposed excessive regulations. "MBK has played a key role in developing Korea's capital market. But buyout funds have often been criticized for seeking short-term gains at the cost of long-term growth for a fast exit. We may need a reform," he said in a phone interview. "Highly leveraged acquisitions are also problematic. Still, I am against the idea of prohibiting private equity funds from managing their portfolio firms. It would fundamentally deny the very essence of the business," he said.
UPI
2 days ago
- Entertainment
- UPI
'Point Break,' 'Timecop,' John Woo movies coming to digital 4K
1 of 3 | Keanu Reeves, seen at the "Ballerina" premiere in Los Angeles, stars "Point Break," coming to 4K digital. Photo by Jim Ruymen/UPI | License Photo June 18 (UPI) -- Shout! Studios announced the digital 4K releases of Point Break, Timecop and several Hong Kong films on Wednesday. The two Hollywood films are available Friday for rent or purchase in 4K for the first time. The A Better Tomorrow trilogy premieres digitally on July 8. John Woo directed the first two and Tsui Hark the third, all starring Chow Yun-fat. Woo and Chow's The Killer and Tsui's Peking Opera Blues become available July 22. Shout! released physical 4K UHDs of Point Break and Timecop. Point Break stars Patrick Swayze as an FBI agent who goes undercover with surfers led by Patrick Swayze to catch a gang of bank robbers. Timecop stars Jean-Claude Van Damme as a time-traveling policeman. Shout! made a deal to distribute the Golden Princess library under its Hong Kong Classics banner. A collection of Jet Li films and City on Fire, also starring Chow, are planned for 4K UHD. A Better Tomorrow launched Woo's signature action style with slow motion moves and gangsters shooting two guns at once. Those, along with The Killer, made Chow a leading Hong Kong action star. They would also reteam for Hard Boiled and Once a Thief. Woo directed a remake of The Killer starring Nathalie Emmanuelle and Omar Sy last year. Tsui also directed and produced the Once Upon a Time in China films and produced Chinese Ghost Story and Iron Monkey films. Peking Opera Blues is an action comedy starring Brigitte Lin, Sally Yeh and Cherie Chung. Shout! plans to release the Chinese Ghost Story trilogy August 5 and Woo's A Bullet in the Head in 4K on Aug 19.
Toronto Star
3 days ago
- Sport
- Toronto Star
Best MLB prop bets June 17: Ronald Acuna Jr. has value amid scorching start
The Boston Red Sox, who've won six games in a row, face a tough road tonight against Bryan Woo and the Seattle Mariners. Today's MLB props narrative: Woo, who has consistently given the Mariners length all season, struck out a season-high eight batters when he faced Boston in April. Elsewhere, Ronald Acuna Jr. looks to stay hot against a division rival at home. Check out the best MLB prop bets for June 17, also featuring Gleyber Torres. MLB prop bets Best Bet: Torres over 1.5 total bases (+117) Torres is on a one-year, prove-it contract with the Detroit Tigers, and he's certainly doing his part to earn a bigger payday in the offseason. ARTICLE CONTINUES BELOW A lot of that has to do with his ability to pounce on left-handed pitching. Check out Torres' MLB ranks vs. LHPs among 160 qualified hitters: Tonight, Pirates southpaw Bailey Falter will be on the mound looking to extend a superb run. But I'm not buying it. In eight starts since the beginning of May, Falter has a 1.61 ERA ... despite a far less impressive 4.69 xFIP in the same span, per FanGraphs. Falter ranks in the second percentile for whiff rate (16.8%) and the sixth percentile for K rate (15.4%), per Baseball Savant. So I don't expect him to fool Torres at the dish. At a price like this, only the most elite lefties might steer me away from backing Torres. Falter isn't in that category, so I'm content rolling with Detroit's star middle infielder. Key stat: Torres is averaging 1.5 total bases per game this year (91 in 59 starts). Best MLB picks Acuna over 1.5 total bases (-107): I know David Peterson (5-2, 2.49 ERA) is having a nice run on the mound for the Mets right now, but it pales in comparison to what Acuna is doing. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Acuna made his season debut on May 23 and homered on his very first swing. Honestly, he hasn't really slowed down from there. In 21 games, he has a .390/.478/.701 slash line with 54 total bases (2.6/game). He's 13-8 vs. this prop. Acuna is 5-for-18 with two extra-base hits against Peterson (.500 SLG). The outfielder has also walked five times in this matchup, but hopefully he gets something good to hit on Tuesday night. Woo over 18.5 outs (-104): Betting on any pitcher to push past the six-inning mark is tough, but Woo has been as consistent as a modern-day workhorse can be. Despite hefty innings totals, Woo isn't overworked. He's reached 100 pitches just once this year, yet he's consistently going deep. An exceptionally low walk rate (3.7%, 98th percentile) has a lot to do with that. He forces hitters to put the ball in play, and that strategy works in the offensively suppressed T-Mobile Park. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW The Red Sox have won six straight games, but they're batting just .213 with 17 total runs during that streak. That's not exactly a heater. MLB prop picks made at 9:45 a.m. ET on 06/17/2025. Looking to get started? Sign up here.
Yahoo
4 days ago
- Sport
- Yahoo
Arkansas' Wood pitches third no-hitter in CWS history, gets 19 strikeouts against Murray State
OMAHA, Neb. (AP) — Arkansas' Gage Wood pitched the third no-hitter in College World Series history and first in 65 years on Monday, striking out a record 19 and never letting Murray State come close to getting a hit in the Razorbacks' 3-0 victory. Wood joined Jim Ehrler of Texas in 1950 and Jim Wixson of Oklahoma State in 1960 as the only pitchers to throw CWS no-hitters, and his defense was never really challenged as he dominated a Racers team that was making its first Omaha appearance. Advertisement The junior right-hander, who set the CWS record for strikeouts in a nine-inning game, was subdued in the aftermath. 'The only special thing was I didn't want to go home. That's it,' he said. 'We're not going home. We get to play tomorrow night. But it's pretty cool.' Arkansas (49-14) plays another elimination game Tuesday night against the winner of Monday night's game between LSU and UCLA. Murray State (44-17), only the fourth No. 4 regional seed since 1999 to reach Omaha, went 0-2 in its first appearance. Wood's bid for a perfect game ended in the eighth when his 2-2 breaking ball hit Dom Decker in his back foot. Advertisement 'When I hit the guy in the foot, I knew I screwed up,' said Wood, who got a foul out and consecutive strikeouts to end the inning, then looked skyward and gave a primal scream and did a couple of high steps as he headed to the dugout. The Arkansas faithful behind the first-base dugout did a brief 'Woo Pig Sooie!' chant as Wood warmed up for the ninth. Wood (4-1) hit pinch-hitter Nico Bermeo in the back of his left elbow with a fastball to start the ninth. Bermeo initially was awarded first base, but Arkansas challenged the call, arguing Bermeo moved his elbow into the pitch. The call was overturned and Bermeo was out. Wood struck out Connor Cunningham and Jonathan Hogart to finish the game. He was mobbed by teammates, with the celebration moving from behind the mound to the area between second and third base. Advertisement 'Gage was just executing pitch after pitch, getting ahead in the count and elevating his fastball in and out. What a great job,' coach Dave Van Horn said. 'The few plays we had to make behind him — maybe nine, eight? — just glad we made all those plays.' Wood went to three-ball counts just twice, and 83 of his 119 pitches were strikes. The closest Murray State came to breaking up Wood's no-hitter was Carson Garner's hot grounder that pulled first baseman Reese Robinett to his left. Robinett snagged the ball and touched the bag for the last out of the seventh inning. Wood showed early signs that this could be a special day. He had excellent command of his signature four-seam fastball, breaking ball and changeup. Of his first 20 fastballs, 19 were strikes, and he fanned nine of the first 12 batters he faced — seven in a row from the third to fifth innings. Advertisement Wood has gone from closer as a freshman to middle reliever as a sophomore to weekend starter as a junior. He injured his right shoulder throwing a warmup pitch in his Feb. 23 start against Michigan and didn't return until April 18 against Texas A&M, a total of 54 days. He threw a career-long six innings and struck out a career-high 13 against Creighton in a June 1 regional game against Creighton, then went 3 1/3 innings in a super regional win over Tennessee on June 8. Wood now joins Ehrler and Wixson in CWS lore. Ehrler's no-hitter came in Texas' 7-0 win over Tufts on June 19, 1950, and Wixson's came in a 7-0 victory over North Carolina on June 15, 1960. Asked what he did with the game ball, Wood said, 'I gave it to my dad and said happy late Father's Day.' Advertisement The Razorbacks broke open the game after Murray State's Graham Kelham relieved Isaac Silva to start the seventh. SEC player of the year Wehiwa Aloy doubled in a run and another scored when right fielder Dustin Mercer tried to make a shoestring catch on Logan Maxwell's shallow fly and the ball got under his glove. Silva kept his team close in his six innings, with Charles Davalan's third-inning RBI single producing the only run against him. Silva allowed six hits, walked two and struck out seven. He repeatedly got out of trouble, holding the Razorbacks to 2-for-10 hitting with runners in scoring position and stranding two runners in the third, fifth and sixth. ___ AP college sports: Eric Olson, The Associated Press
