MBK Partners has agreed to pay KRW1.1tr ($1.1bn) for its minority stake in water purification business Woongjin Coway, marking South Korea’s second private equity mega buyout in less than a fortnight.
Reuters reported the news, citing unnamed sources.
Asian buyout houses Affinity Equity Partners and the private equity arm of Korean equities research house KTB Investment & Securities were among a host of potential bidders said to be lining up for the stake, as was GS Retail.
Goldman Sachs is handling the sale.
Earlier this month investors including pan Asia private equity firm Affinity Equity agreed to buy a 24 per cent stake in South Korea’s Kyobo Life Insurance from Daewoo for KRW1.2tr ($1.065bn).
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