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Biz News Korea(Eng)
Woongin mulling buying back Coway from MBK Partners
- Collected
- 2017.12.19
- Distributed
- 2017.12.20
- Source
- Go Direct
Woongin Group said Tuesday that it is currently in negotiation with MBK Partners to repurchase 26.8 percent stake in Coway. The company appointed Samsung Securities Co. as its financial advisor and law firm Shin & Kim as its legal advisor. Details on the deal including sale price are unknown.
The group sold the stake in Coway to MBK partners five years ago with a condition that it would not engage in the same line of business. The term would be lifted on Jan. 2.
“We are weighing whether to launch separate water purifier business or buy back Coway,” a group official said.
Coway shares hover around 100,000 won ($91) apiece after rising for the past three months. At current market price, the stake could be worth around 2 trillion won. MBK Partners had purchased the interest for 1.2 trillion won in January 2013 from Woongjin that went under court-led reorganization program in 2012.
Business turned around this year for the air and water purifier maker, which posted record-high operating profit of 127.0 billion won on sales of 588.9 billion won in the July-September period this year.
As of 1:26 p.m. Tuesday, Coway shares are down 6.42 percent at 102,000 won.
By Shin Soo-hyun and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]