April 30, 2019 / 4:42 AM / a month ago

Blackstone acquires South Korean pharma wholesaler Geo-Young with co's founder

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

SEOUL (Reuters) - U.S.-based Blackstone Group said on Tuesday it had agreed to acquire South Korean wholesale drug distributor Geo-Young in a deal with the company’s founder.

Blackstone did not disclose the value of its investment, but Maeil Business Newspaper said the private equity fund had agreed to buy a 46 percent stake in Geo-Young for 1.1 trillion won ($945.2 million) from another private equity firm.

Geo-Young founder and Chief Executive Cho Sun-hae would remain as a shareholder and retain her leadership role, Blackstone said in a statement.

The transaction was expected to close in the second quarter of 2019, subject to regulatory approvals, Blackstone added.

Reporting by Ju-min Park; Editing by Stephen Coates

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