L Capital Asia to invest $80m in Korea ‘Gangnam’ talent agency


download (2)The private equity arm of French firm LVMH is reportedly set to buy $80m worth of shares in South Korean company YG Entertainment whose artists include rapper Psy of Gangnam Style fame.

YG and LVMH are also said to be in talks to create a strategic partnership, said YG head of investor relations Eai-Jin Song, speaking to Reuters.

LVMH-backed L Capital Asia will invest $60 million in new preferred shares of YG and is in talks to buy another $20 million in shares from Yang Hyun-suk, who founded the company and is its largest shareholder, according to a regulatory filing.

The deal will make LCapital the second-largest shareholder of YG.

L Capital made a strategic investment in Chinese cosmetics company Guangdong Marubi Biological Technology Stock Co in July last year.

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