appliance maker, has almost
completed a deal to buy almost all of South Korea’s third-largest electronics company.
Creditors of Daewoo Electronics Corporation, which produces refrigerators, washers and ovens, had talked with various bidders before finally choosing Entekhab in April. They wanted to sell their combined 97.5 percent stake, which they had acquired by buying out the company’s debt in exchange for equity.
Daewoo Electronics was once a subsidiary of the now defunct Daewoo Group.
The final price tag for the sale was reportedly 30 million won (Korean currency) less than the Iranian firm’s original bid. The Esfahan-based Entekhab has agreed to now pay 577.7 billion won, or $518.17 million, and will also take over the company’s debts as well as assets.
“The transaction will be completed if Entekhab Industrial Group pays for the stake within three months,” a creditor bank official said.
Entekhab says it aims to claim 10 percent of the Middle Eastern and African regional markets within the next three years and build up its own reputation.
