South Korean mobile operator KT has joined a consortium bidding for a US$6bn stake in Woori Finance Holdings currently owned by the government, according to a Reuters report.
The consortium, led by Woori Finance Holdings employees, also includes…
South Korean mobile operator KT has joined a consortium bidding for a US$6bn stake in Woori Finance Holdings currently owned by the government, according to a Reuters report.
The consortium, led by Woori Finance Holdings employees, also includes steelmaker POSCO and the National Pension Service.
In total, 11 bidders have reportedly submitted letters of intent to bid for the 57% interest the government is selling in the country’s largest financial company.
Besides the consortium, private equity firms Carlyle, Affinity Equity Partners, MBK Partners and Vogo Fund have also shown interest, according to reports.
This strong interest bodes well for Woori’s privatisation after potential bidder Hana Financial decided to purchase a US$4.1bn stake in Korea Exchange Bank instead of opting for Woori, Reuters wrote.
In late August, KT said it would not buy a stake in Woori. Confirming to newspapers that Woori had approached it about taking over the stake, KT said it was not interested. JPMorgan Chase, Samsung Securities and Daewoo Securities are reportedly advising the government.
KT and Woori could not be reached for comment before going to press.
