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.

Share this news on your Fb,Twitter and Whatsapp

File source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button