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Unison launches $104m offer for South Korea’s Nexcon

  • Susannah Birkwood
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Japanese private equity firm Unison Capital has launched a KRW119.8 billion ($104 million) tender offer for Nexcon Technology, a manufacturer of products for lithium-ion secondary batteries.

Unison wants to purchase 7.26 million common shares - equivalent to 41.5% of all issued common stocks - through a Korean special purpose acquisition company via its Unison Capital Partners III fund. It is said to form part of a management buyout by Nexcon's current largest shareholder and its management team, led by CEO Jong-hwan Kim (pictured). The tender offer price is KRW16,500 per share.

Nexcon makes BMS (Battery Management System) products for batteries used in consumer goods including mobile phones and laptop computers. Located in Chungcheongnam-do, a province in the west of South Korea, it is listed on the KOSDAQ board of the Korea Exchange.

Unison intends to support the company's business expansion, notably in Asia, by offering its expertise in the Japanese market as well as managerial resources.

Nexcon's major shareholders are Kim Moon Hwan, who holds 21.68%, Kim Jin Soon (8.19%), Kim Jong Hwan (4.52%), Lee Seung Yong (3.09%), Kim Ki Sung (2.97%) and Bae In Sook (1.08%).

The tender offer period lasts 18 business days, and ends on July 20.

Earlier this year, Unison reportedly cut the size of its third fund by one quarter to JPY107 billion ($1.4 billion) due to limited dealflow. Unison III closed in August 2009 at JPY140 billion.

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