Yanolja has spun off the trading division of its subsidiary Interpark.
An extraordinary general meeting of Interpark was held last month to approve the plan for the spin-off.
The new companies, Interpark and Interpark Commerce, will focus on different business areas. The split will take effect on March 1.
It is reported in the industry that Yanolja, which holds a 70% stake in Interpark Commerce Division, will sell it after the physical split.
However, Interpark has said that a decision on the sale has yet to be made.
Q10, a cross-border eCommerce company, is said to be a potential buyer.
Q10’s acquisition of Interpark Commerce is expected to bring significant synergies as the company maximizes its competitiveness in the direct-to-consumer market with TMON.
Yanolja has focused on the travel business by divesting its less profitable business.
In December 2021, Yanolja acquired a 70% stake in Interpark’s travel, performance, shopping, and book business for KRW 294 billion to occupy the overseas travel market.
Yanolja started as a booking app and is evolving into a comprehensive leisure platform through mergers and acquisitions such as Interpark and Triple.
Assets unrelated to travel and bookings are being purged, which is interpreted as part of Yanolja’s IPO on NASDAQ in the US.
Yanolja has secured a KRW 2 trillion investment from Softbank Vision Fund in 2021, which has fueled rumors of an IPO on Nasdaq.
According to various media reports, Goldman Sachs and Morgan Stanley have been selected as underwriters, and Yanolja is preparing to list on Nasdaq.
Yanolja’s revenue increased from KRW 247.4 billion in 2019 to KRW 374.8 billion in 2021, despite the negative impact of the pandemic on the travel industry.
The company reported an operating profit of KRW 53.7 billion in 2021, compared with an operating loss of KRW 13.5 billion in 2019.
Yanolja is increasing its enterprise value by divesting unnecessary businesses.
Last year, it sold all neighboring copyrights of Interpark Rent-A-Car and Interpark Music Division.