MBK, Affinity runs for Korea Woongjin Coway stake – report
MBK Partners and Affinity Equity Partners are among the potential bidders for a minority stake in Korean water purifier company Woongjin Coway.
Other runners also include Lotte Shopping, which told the Korean stock exchange last week that its parent Lotte Group was looking to appoint advisers on its bid, sources with direct knowledge of the matter told Reuters.
Woongjin Holdings has put a 30.9% stake in Woongjin Coway on the block, worth around $744 million, based on the company's closing price on Tuesday. However, Woongjin Holdings is said to be targeting as much as $1.7 billion. Goldman Sachs is responsible for managing the sale.
Woongjin Holdings said it was considering selling the stake in Coway in February. The news comes after the firm invested heavily in subsidiaries Woongjin Energy and Woongjin Polysilicon last year, in order to expand its presence in the solar industry.
Coway's products include air purifiers, water filtration devices, digital bidets, megasonic cleaning device, and other well-being home appliances.
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