Private equity firms Carlyle and Bain Capital, as well as auto suppliers Valeo and Mahle were among those that entered non-binding bids to buy a stake in South Korea’s Hanon Systems worth $5.81bn as of Tuesday, South Korean media reported.
The bidders are looking into acquiring about a 70% stake of auto supplier Hanon Systems on sale by majority shareholder, local private equity firm Hahn & Company, as well as second-largest shareholder Hankook Tire & Technology, newspaper Korea Economic Daily reported on Tuesday citing unnamed investment banking sources.
A spokesperson for Mahle declined comment. A spokesperson for Hanon Systems could not be immediately reached. Spokespeople for Carlyle, Bain and Valeo did not have an immediate response.
Hanon Systems is the world’s second-largest supplier of auto thermal management systems such as heating, ventilation and air conditioning, and reported a 6.9 trillion won revenue and 315.8 billion operating profit in 2020, according to its regulatory filing.
Source: Nasdaq
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