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Dongwon takes first step to buy Dongbu ExpressBy 박한나
Published : Sept. 21, 2016 - 14:55
Dongwon Enterprise the group’s holding firm, signed a memorandum of understanding with KTB Private Equity and Q Capital Partners, the largest shareholder of Dongbu Express, to secure an exclusive right to negotiations with the sellers over the acquisition deal.
The deal size is estimated at around 470 billion won (US$421.67 million). Terms of the deal will be adjusted after Dongwon Group completes due diligence.
If successful, it will be the largest mergers and acquisitions deal signed by Dongwon Group in its history.
“Dongwon expects to expand its existing logistics business through the takeover deal,” an official at the group said.
This is not the first time that Dongwon has shown interest in acquiring Dongbu.
In 2015, it submitted a preliminary bid but dropped out of the deal which fell as it failed to attract potential buyers.
The logistics company posted sales of 719.5 billion won and operating profit of 44.4 billion won last year.
By Park Han-na (email@example.com)
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