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Biz News Korea(Eng)

SK Networks named as preferred bidder for Tongyang Magic

Collected: 2016.09.29

Distributed: 2016.09.30

Source: Go Direct

SK Networks Co., trading unit of South Korea’s SK Group, won the exclusive right to negotiate terms to take over home appliance and renter Tongyang Magic Inc. by offering generous price of 610 billion won ($558 million) and job security for existing workers.

According to investment bank industry sources on Wednesday, the pricing was not the sole winning factor. SK Networks offered 610 billion won for the 100 percent stake in Tongyang Magic, about 5 percent higher than other bidders including Hyundai Home Shopping Co., the Unid-Stick Investment consortium, and the AJ Networks - IMM Private Equity-Keystone Private Equity consortium.

The entire stake in Tonyang Magic was put on sale by the NH Private Equity - Glenwood Private Equity consortium. The consortium in 2014 acquired 100 percent of the home appliance maker at 280 billion won, and can reap over 300 billion won in profit in just two years of investment

SK was the only bidder promising to keep the entire work force including the executive-level after acquisition. It also offered a business vision to combine Internet of Things technology of wireless sister company SK Telecom and chipmaking capabilities of SK Hynix to hone the set maker’s competitiveness.

As of 2:00 p.m., SK Networks shares rose 340 won or 5.35 percent to 6,700 won from the previous session.

By Kang Doo-soon, Kim Hyo-hye, and Cho Sung-ho

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