KKR, MBK bid for Samsung’s procurement arm
KKR and MBK Partners are among the bidders for a majority stake in iMarketKorea, Samsung Group’s procurement arm. Based on Tuesday’s closing share price, the asset is worth KRW372 billion ($326 million).
Other interested parties include a consortium led by Interpark Corp., the South Korean shopping mall operator, Reuters reported, citing sources familiar with the situation. Private equity firm H&Q is said to be part of this consortium.
Samsung said in August that it planned to divest its interest in the non-core business, which is held by nine of its affiliates. The company's stake is 58.7%, but it may retain up to 10% if the buyers approve.
Samsung set up iMarketKorea in 2000 to provide goods and maintenance services to business clients. It has pledged to continue using iMarketKorea for five years post-divestment, ensuring KRW2 trillion in annual revenues.
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