Views Article – Sharenet Wealth

Australasia, News

Macquarie arm close to a deal to buy S.Korea’s Daesung Industrial Gases -source

SEOUL, Dec 16 (Reuters) – A private equity arm of Macquarie Group Ltd is likely to sign a deal to buy Daesung Industrial Gases Co Ltd from Asian private equity firm MBK Partners later this week, a person with direct knowledge of the matter told Reuters on Monday.

Macquarie PE has agreed to purchase all of South Korea’s Daesung for 2.5 trillion won ($2.12 billion) or more, the Korea Economic Daily reported earlier on Monday, citing unidentified investment banking sources.

Daesung is South Korea’s biggest industrial gas supplier by revenue, reporting 566.6 billion won in consolidated sales and 93.8 billion won in consolidated operating profit in 2018, up 5% and 27% respectively from the previous year.

It counts among its clients semiconductor and display firms such as Samsung Electronics Co Ltd, SK Hynix Inc and LG Display Co Ltd, another person with direct knowledge of the matter told Reuters.

MBK Partners bought Daesung from Goldman Sachs Group Inc and other shareholders in 2017 for what South Korean media said was about $2 billion.

MBK Partners and a Daesung spokesman declined to comment when contacted by Reuters. Macquarie did not have an immediate response. ($1 = 1,179.3300 won) (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Christopher Cushing)

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
Array ( )