Korean PEF Keistone to buy animation streaming firm Laftel for $57.6 mn

[Provided by Maekyung Media Group]

Korean private equity fund Keistone Partners has agreed to buy Laftel, the country’s biggest animation streaming service firm from RIDI Corporation for about 80 billion won ($57.6 million).

The PEF Tuesday said it and Kosdaq-listed firm Aniplus will jointly acquire an 87 percent stake and managerial control of Laftel. The transaction is valued at about 80 billion won for full ownership, and Keistone and Aniplus will evenly share the 87 percent stake. RIDI will invest 10 billion won in Aniplus to support the future growth of Laftel.

Sources said RIDI decided to sell the over-the-top (OTT) media platform to focus on webtoons and web novels in Korea and globally.

Laftel is the largest animation OTT platform in Korea with about 5 million members. Sales have more than doubled each year in the past three years. It is known to be the sole money-making OTT player in Korea as an exclusive rights holder for more than 90 percent of new animations released in Japan. Sales for this year are expected to reach about 25 billion won.

Aniplus is the No. 1 distributor of animation content in Korea and expects to increase content diversity of Laftel. Aniplus owns distribution rights for TV and VOD channels in seven Southeast Asian countries, including Singapore, and is expected to contribute to Laftel’s business expansion overseas.

Keistone is a Korean PEF with about 2 trillion won in assets under management. Keistone’s latest major buyout was in April with the takeover of popular homegrown pub franchise Yukjun Grandma Beer for 150 billion won.

By Kang Doo-soon, Oh Dae-seok and Minu Kim