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US Lone Star acquires majority stake in Korean Exchange Bank for $1.2bn29/08/2003. Source: AltAssets. 
 US private equity firm Lone Star has acquired a 51 per cent stake in the Korean Exchange Bank (KEB) for $1.2bn. The transaction represents the firm's second Korean investment this year.
Lone Star will purchase 268.75 million newly issued common shares from KEB at $3.40 per share. Lone Star will also purchase nearly 31 million preferred shares from the Export-Import Bank of Korea and just over 26 million from Commerzbank for $4.58 per share.
‘We are extremely excited about this investment and firmly believe in the potential of the Korean financial services sector which is one of the most attractive in the world,' said Ellis Short, chairman of Lone Star. ‘This investment into KEB is our largest single investment and reaffirms our strong commitment to Korea.'
Lone Star backed the $206m buy-out of Kukdong Engineering & Construction earlier this year. The firm's other investments in Korea include the take-over of Hanvit Leasing & Finance.
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