Hahn & Co. to buy stake in South Korea’s STX Energy - UPDATE
Hahn & Co. has agreed to buy a 43.15% stake in STX Energy, a subsidiary of beleaguered South Korean conglomerate STX Corp. AVCJ understands that the transaction a couple of months away from completion, and the terms could change pending the resolution of a dispute between STX and Orix Corp, which is a significant shareholder in the energy business.
The valuation agreed by Hahn & Co. and STX is based on the private equity firm assuming management control of the business. This would come through STX exercising a call option for 6.9% of Orix's stake...
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