Moat PE to acquire 14% of Korean electronics supplier Exax for $16m

South Korean 10,000 won note is seen on U.S. 100 dollar notes in this picture illustration taken in Seoul, South Korea, December 15, 2015. REUTERS/Kim Hong-Ji

Moat PE, a recently-established Korean private equity fund manager, is paying up to 19.8 billion won ($16 million) to acquire a 14 per cent stake in Kosdaq-listed electronics manufacturer Exax Inc, according to a filing.

In a disclosure, Exax said Moat has signed a stock transfer agreement with J&J Investment, the electronics manufacturer’s largest shareholder, involving 9.9 million shares, or 13.83 per cent of the company’s total issued shares.

After the deal is consummated, J&J will continue to remain a minority shareholder of Exax with a 4.87 per cent stake. The firm had acquired an 18.7 per cent stake in Exax in 2017.

Exax is principally engaged in the manufacture of near field communication antennas, which are mainly used in smartphones, and chemicals used for displays. It distributes its products within the domestic market and to overseas customers.

The company, which was founded in March 1976 and is headquartered in Cheonan-si, commercialised RFID tag and NFC antenna in printing method (R2R process) for the first time in Korea by developing its own conductive ink and paste based on accumulated chemical combination technology.

The investor, Moat Private Equity, is a new player in South Korea’s investment space. Established in August 2019, the PE firm has reportedly raised two funds with total commitments of 150 billion won ($122 million).

Moat PE has joined a number of South Korean private equity firms that have actively been acquiring firms recently. In February, PE house Hahn & Co agreed to acquire SK Chemical’s biofuel business for 382.5 billion won ($322 million) in an all-cash transaction.

In October, ACE Equity Partners agreed to acquire a stake in local semiconductor testing specialist Tesna for about 152.7 billion won ($129 million).

South Korean PE firm IMM Private Equity last year raised an initial $1.3 billion for its fourth fund, IMM Rosegold IV. The fund, which was launched in December 2018, is targeting to raise around $1.5 billion with a hard cap of $1.8 billion. The fundraising is ongoing and scheduled to be closed this year.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.