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Biz News Korea(Eng)
Korea’s MBK Partners named preferred negotiator for Daesung Industrial Gases
- Collected
- 2017.02.16
- Distributed
- 2017.02.20
- Source
- Go Direct
According to sources from the investment banking industry on Thursday, Goldman Sachs Principal Investment Area (PIA) and Daesung Group Partners picked MBK Partners as a preferred bidder to acquire a full stake in the gas company. Market experts estimate the sale price would be set at around 1.7 trillion won ($1.5 billion).
The Korea’s largest private equity fund beat its two competitors, U.S.-based TPG Capital LP and Hong Kong-based PAG, in the progressive auction carried out by Goldman Sachs on February 3. Although PAG offered the highest price of 1.8 trillion won, the sellers selected the second highest bidder MBK Partners to make sure the deal goes through. MBK Partners initially offered around 1.5 trillion won but reportedly later jacked it up to 1.7 trillion won, according to the sources.
Goldman Sachs PIA acquired a 68 percent stake in Daesung Industrial Gases in 2014. Although Daesung Group Partners owned a call option for the stake, it did not exercise it and opted to bundle its 32 percent stake together to use the proceeds to pay off bonds worth a total 245.5 billion won maturing in March and April. The net proceeds for Daesung Group Partners would reach around 200 billion won to 300 billion won.
Daesung Industrial Gases’ earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to an average 100 billion won over the last three years.
By Kang Doo-soon and Han Woo-ram
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]