Daewoo has agreed to sell its 24 per cent stake for KRW245, 000 per share, according to a regulatory filing by Daewoo International Corp on Wednesday.
Although the names of the other buyers were not disclosed, Reuters reported earlier that the other buyers would be the Government of Singapore Investment Corp, Baring Private Equity Asia and South Korea’s IMM Private Equity.
Reuters also reported that Affinity will buy ten per cent of the 24 per cent stake, with the other investors buying interests of around five per cent each.
The auction is also reported to have attracted the attention of Carlyle and Korea Asset Management.
The deals presents a rare opportunity for buyout firms to access a market that has historically been dominated by cash-rich corporates prepared to pay higher valuations.
Macquarie and Woori Investment & Securities are reported to have handled the sale process.
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