January 26, 2018 / 12:30 AM / a year ago

S. Korea's Shinsegae and E-Mart set to gain $940 mln from PE firms for online business

SEOUL, Jan 26 (Reuters) - South Korean department store operator Shinsegae and its supermarket affiliate said they have signed a preliminary deal for more than 1 trillion won ($940 million) in investment from private equity firms for a planned online business company.

Affinity Equity Partners and BRV Capital Management will make the investment, Shinsegae said.

Shinsegae and its supermarket affiliate E-Mart E-Mart will spin off and combine their online business units to create a separate company, the firms said in regulatory filings. ($1 = 1,065.6700 won) (Reporting by Hyunjoo Jin; Editing by Edwina Gibbs)

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