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Taihan Electric joins Onse consortium in race for Hanaro

28 Sep 2007

South Korean cable manufacturer Taihan Electric Wire Company has said it will team up with Onse Telecom and Samsung Securities to bid for a stake in Hanaro Telecom. ‘We’re joining a consortium led by Onse Telecom,’ said a company spokeswoman. ‘The price tag for Hanaro Telecom is huge and Onse asked us to join as a financial investor.’

Earlier this year, Hanaro’s largest shareholding group – comprising American International Group (AIG), TPG Capital and TVG Capital Partners – kicked off a process to sell their 39.4% controlling stake. The holding is worth KRW814 billion (USD888 million), based on today’s share price. Hanaro said last month that more than ten investors were interested in acquiring the stake, and that half of them were conducting financial due diligence. Goldman Sachs, the advisor for the sale, hopes to have received detailed proposals by 8 October and to have selected a preferred bidder by 20 October.

Local media have reported that US private equity fund Providence Equity Partners, the Carlyle Group, Australia’s Macquarie Bank, Citi Venture Capital and Asian private equity firm MBK Partners are all interested in acquiring the stake.

South Korea, Onse Telecom, SK Broadband

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