MBK Partners has signed an agreement to sell Golfzon County, South Korea's largest golf course operator, to a consortium of The Siena Group and CL Asset Management at an enterprise value of about KRW1.8tn (about US$1.3bn), according to reports on 28 October 2026.
Why The Siena Group and CL Asset Management consortium is buying Golfzon County Co., Ltd. (100%, from MBK Partners and, via drag-along, Golfzon Holdings)
The sale gives MBK an exit about eight years after it invested in Golfzon County in early 2018. MBK said Golfzon Holdings had been given a formal right of first offer before the external process but did not use it, and that its late bid was far weaker than The Siena Group's.
Deal terms and financing
The share purchase agreement covers 100% of Golfzon County. MBK intends to exercise a drag-along right in the 2018 shareholders' agreement, which MBK says allowed it to sell Golfzon Holdings' stake to a third party if a listing failed. Golfzon Holdings said it is not a party to the agreement and has not received a drag-along notice or the contract, so it cannot yet confirm the terms or whether it must sell.
Regulatory approvals and timing
Closing timing has not been disclosed. Golfzon Holdings has objected and is reported to be weighing legal action, which could affect the schedule.
Market context
Golfzon County operated 21 courses with 478 holes at the end of August 2026 and reported 2025 revenue of KRW285.2bn and operating profit of KRW81.1bn. MBK had put the business up for sale in 2023 after a planned IPO did not proceed.
