Elon Musk’s acquisition drive for social media giant Twitter has even attracted interest in the financial industry in Asia with South Korea’s Mirae Asset reportedly planning to support financing for the deal.
South Korean financier Mirae Asset is supporting Elon Musk’s Twitter buyout through a 300 billion won ($210 million) fund to jointly acquire a stake in the social media giant, according to a «Reuters» report citing unnamed sources.
The deal with Mirae is expected to be finalized in the coming days, in time to meet the Friday deadline to close the $44 billion takeover, as directed by a Delaware judge earlier this month.
Seoul-headquartered Mirae was founded in 1997 to provide financial services including asset management, wealth management, investment banking and life insurance. Today, it has a presence in 16 markets worldwide housing over 12,000 employees.
Bank Debt Financing
Separately, seven Wall Street lenders led by Morgan Stanley are in the final process to provide $13 billion of debt financing to support the deal, «Bloomberg» reported, citing people familiar with the matter.
While Musk has previously sought to back out of the deal, the report said he pledged to follow through this time and is expected to issue a borrowing notice – one of the last steps of the credit agreement – to the banks which also include Bank of America, Barclays and Mitsubishi UFJ Financial Group.
