공시 • Apr 28
Doronicum Co., Ltd. proposed to acquire remaining 6.21% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) for approximately KRW 210 billion. Doronicum Co., Ltd. proposed to acquire remaining 6.21% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) for approximately KRW 210 billion on April 27, 2026. The consideration consists of common equity of Doronicum Co., Ltd. to be issued for common equity of Douzone Bizon Co., Ltd. . Upon completion, Doronicum Co., Ltd. will own 100% stake in Douzone Bizon Co., Ltd.
The Board of Directors of Douzone Bizon Co., Ltd. formed a special committee for the transaction. The expected completion of the transaction is June 30, 2026.
Samil accounting firm acted as fairness opinion provider to Douzone Bizon Co., Ltd. Law Firm LIN P.C. acted as legal advisor to Douzone Bizon Co., Ltd. 공시 • Mar 27
BPEA Private Equity Fund IX, managed by EQT Private Capital Asi acquired 37.60% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) from Kim Young-woo, Shinhan Value Up The First, Co. Ltd., Shinhan Douzone Wehago 1st Co., Ltd and Shinhan Douzone Wehago 2nd Co., Ltd. BPEA Private Equity Fund IX, managed by EQT Private Capital Asia entered into share purchase agreement to acquire 37.60% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) from Kim Young-woo, Shinhan Value Up The First, Co. Ltd., Shinhan Douzone Wehago 1st Co., Ltd and Shinhan Douzone Wehago 2nd Co., Ltd. for KRW 1.2 trillion on November 6, 2025. A cash consideration of KRW 1.3 trillion will be paid by EQT. As part of consideration, KRW 1.2 trillion is paid towards common equity, and KRW 130 billion is paid towards convertible preferred stock of Douzone Bizon Co., Ltd. The stake consists of the entire 23.2% held by Young-woo Kim and 14.4% held by affiliates of Shinhan Financial Group. Upon completion, the transaction would result in EQT holding 37.6% of shares outstanding (34.8% based on shares issued, including treasury shares) in Douzone Bizon.
The transaction is subject to customary regulatory approvals including merger control clearance and licensing authorization from the Ministry of Trade, Industry, and Resources.
BPEA Private Equity Fund IX, managed by EQT Private Capital Asia completed the acquisition of 37.60% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) from Kim Young-woo, Shinhan Value Up The First, Co. Ltd., Shinhan Douzone Wehago 1st Co., Ltd and Shinhan Douzone Wehago 2nd Co., Ltd. on March 26, 2026. Reported Earnings • Mar 24
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₩3,104 (up from ₩2,170 in FY 2024). Revenue: ₩446.3b (up 11% from FY 2024). Net income: ₩92.3b (up 57% from FY 2024). Profit margin: 21% (up from 15% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in South Korea. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. 공시 • Feb 27
Douzone Bizon Co., Ltd., Annual General Meeting, Mar 26, 2026 Douzone Bizon Co., Ltd., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 130, beodeul 1-gil, namsan-myeon, gangwon-do, chuncheon South Korea 공시 • Feb 23
EQT Partners Korea Co., Ltd. proposed to acquire an additional 57.69% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) for KRW 2.2 trillion. EQT Partners Korea Co., Ltd. proposed to acquire an additional 57.69% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) for KRW 2.2 trillion on February 22, 2026. A cash consideration valued at KRW 12,0000 per share will be paid by EQT Partners Korea Co., Ltd. The price paid in the offer is identical to the amount paid late last year when EQT acquired a 34.85% stake from Chairman Kim Yong-woo and existing financial investors. If EQT secures the full target amount in the tender offer, it will hold a 92.52% stake in Douzone Bizon excluding the Douzone Bizon’s 7.47% treasury shares, EQT would effectively control 100% of Douzone Bizon. Post that, EQT plans to proceed with a delisting and convert Douzone Bizon into a wholly owned subsidiary of EQT Partners. Former controlling shareholder Chairman and controlling shareholder of Douzone Bizon Kim Yong-woo will serve as company advisor and EQT AB industrial advisor for one year. The transaction will be funded through KRW 436.387 billion from Own funds, has been deposited in an account opened at NH Investment & Securities under the purchaser's name as of the date of submission of the public offering report and KRW 1.745 trillion corresponds to borrowed funds, will be deposited in an NH Investment & Securities account under the purchaser's name by March 20, 2026, after the submission of this public offering report.
The Public offering period will commence from February 23, 2026 and expected to close on March 24, 2026.
NH Investment & Securities Co., Ltd. acted as Tender offer agent for the offeror. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩118,600, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 14x in the Software industry in South Korea. Total returns to shareholders of 253% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩109,426 per share. 
