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08/15 1397

South Korea’s private equity firm MBK Partners has completely exited leading water purifier maker and rental firm Coway Co by selling its 22.17 per cent stake to Woongjin Co, the former owner, for W1.68 trillion ($1.48 billion).

According to a filing, a consortium comprising Woongjin Thinkbig Co and STIC Investment Inc will acquire the 22.17 per cent stake in Coway Co from Coway Holdings Inc, which is wholly owned by MBK Partners Ltd.

The acquisition, announced Monday, would see Woongjin take back control of Coway Co, the country’s top water purification maker in more than five years. The deal involves 16.4 million shares for W103,000 each.

“The purchase price of W103,000 per share is within the value of the company’s valuation and is within the scope of the premium transaction of management rights in past trading cases. As a result, the company has not found any reason to believe that the planned acquisition price per share of W103,000 per share ($90.3) is inadequate in terms of materiality,” Coway said.

Woongjin first sold 30.9 per cent stake and management rights in Coway to MBK Partners in January 2013, when the mid-sized South Korean conglomerate was facing financial difficulties, for W1.2 trillion ($1.05 billion).

In May 2017, MBK sold a 5-per cent stake in Coway Co to domestic institutional investors and overseas investors in a block deal for $340 million. It made another sale that cut its stake to 22.17 per cent.

“The acquisition of Coway will serve as a driving force of Woongjin Group… We have overcome the court receivership and repaid all the debts, and I promise I will make it successful,” Woongjin Group Chairman Yoon Seok-keum said in a press conference in Seoul.

According to a Korea Herald report, Woongjin will again start using the household brand name “Woongjin Coway” and launch new services to expand into the rental market.

MBK first floated its plan to sell its stake in Coway in 2016 but called off the plan as the company’s stock price was undervalued. At that time, Coway was embroiled in a legal issue as nickel was detected in water that ran through some of its water purifiers.

Established in May 1989, Coway has grown to become a leader in South Korea’s water purifier industry. It currently has 4,781 employees.

Also Read:

S Korea: MBK Partners sells 5% in Korean water purifier firm Coway for $340m

Korean PE firm MBK Partners halts its share sales in Coway

The post S Korea: MBK Partners exits water purifier business Coway for $1.48b appeared first on DealStreetAsia.





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کد مطلب: 8829
تاریخ و زمان انتشار: 15 آبان 1397, 13:07
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    S Korea: MBK Partners exits water purifier business Coway for $1.48b
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