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Carlyle, Bain submit bids for $5.8B stake in supplier Hanon Systems, report says

SEOUL — Carlyle Group, Bain Capital and auto supplier Mahle have each submitted preliminary bids to buy a 70 percent stake in South Korea’s Hanon Systems worth an estimated 6.6 trillion won ($5.8 billion), the Korea Economic Daily reported.

The combined stake in Hanon, a maker of automotive air conditioning systems, has been put up for sale by local private equity firm Hahn & Co. and Hankook Tire & Technology Co., the newspaper said, citing unnamed investment banking sources.

Hanon Systems said in a regulatory filing on Wednesday that nothing has been decided.

A spokesperson for Germany’s Mahle declined to comment. Representatives for Carlyle and Bain did not immediately respond to requests for comment.

The newspaper said competitor Valeo had also submitted a preliminary bid, but the French supplier denied that it had.

Hanon Systems, the world’s second-largest supplier of auto thermal management systems, last year reported revenue of about $6.1 billion and operating profit of $278 million. The company ranked No. 42 on the Automotive News list of the top 100 global suppliers based on revenue generated from automakers in 2019.

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