Iran in Talks with South Korea to Purchase Daewoo Appliances: Report
TEHRAN (Tasnim) – Entekhab Industrial Group, Iran's largest home appliances maker, appears likely to buy South Korean appliance manufacturer Dongbu Daewoo Electronics, a report said.
NH Investment & Securities Co., the South Korean lead manager, has been in talks with Entekhab's consortium with the aim of signing a stock purchase agreement by the end of this month, they said, according to Yonhap news agency.
Entekhab has formed a consortium with Whale Investment, a South Korean private equity fund, for the purchase of Dongbu Daewoo Electronics.
The proposed stake sale in Dongbu Daewoo Electronics reportedly fell short of the 135.6 billion won (US$127 million) KTB Private Equity and other financial investors of Dongbu Daewoo Electronics injected into the cash-strapped South Korean electronics firm in 2013.
Dongbu Daewoo Electronics currently relies on overseas markets to generate 80 percent of its sales. The company makes TV and monitors, refrigerators, kitchen appliances, washing machines and air conditioners.