Bain Capital has agreed to acquire South Korea-based Echo Marketing in a transaction valued at roughly $344 million, combining a negotiated purchase of a controlling stake with a tender offer for the remaining shares as revealed in a DART filing.
Under the disclosed structure, Bain will first buy a 43.66% stake for about 216.6 billion won (approximately $150 million) at 16,000 won per share, acquiring 13,534,558 shares from Echo Marketing CEO Kim Cheol-ung and an affiliated shareholder. Bain will then launch a tender offer for the remaining ~56.4% (17,497,530 shares) at the same 16,000 won per share price, implying total funding of roughly 500 billion won (about $344 million) if the offer is fully subscribed.
The tender offer is scheduled to run from January 2 through January 21, 2026. Bain has indicated it intends to pursue a voluntary delisting after increasing its ownership, with the tender materials contemplating additional steps permitted under Korean law to complete a take-private process. The offer price was presented as a roughly 50% premium to the prior closing price, and the firm said the pricing approach is designed to allow minority shareholders to receive the same control premium as the selling controlling holder.
Echo Marketing is best known for its digital marketing and advertising capabilities, and it is also closely associated with athleisure through its ownership interest in Andar. Reports have said Echo Marketing holds a 57% stake in Andar, a gym-wear brand with a presence in multiple overseas markets and recent efforts to expand further internationally. Shares of Echo Marketing surged after the announcement.
