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Biz News Korea(Eng)
GE Capital’s Hyundai Card stake sale joined by 3 private equity funds
- Collected
- 2016.09.20
- Distributed
- 2016.09.21
- Source
- Go Direct
According to multiple sources from the investment bank industry on Monday, all three contenders that were included in the shortlist drawn up by GE Capital submitted final bids to acquire 43 percent or 69,000,073 share ownership in Hyundai Card. GE Capital is soon expected to choose a preferred bidder and notify each contender. Market observers estimate the stake to be worth in between 600 billion won ($535.2 million) and 800 billion won.
The three contenders are known to have submitted respective bids after Hyundai Motor Group, the largest shareholder of Hyundai Card, agreed to arrange a deal to guarantee return on their investment on GE Capital’s stake that does not include management control when exiting their investment in the future.
An unnamed official from the private equity fund industry said Hyundai Motor Group and the contenders have come to terms that the conglomerate will help come up with a viable exit strategy for investors such as the option of publicly listing Hyundai Card.
By Kang Doo-soon and Kim Hyo-hye
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]