SEOUL Nov 12 A South Korean court has approved
the $1.1 billion sale of a near 30 percent stake in water
purifier maker Woongjin Coway Co Ltd to domestic
private equity fund MBK Partners, putting one of the largest
private equity deals in Asia this year back on track.
The sale had been halted when Coway's largest shareholder
Woongjin Holdings Co Ltd applied for court
receivership in late September.
MBK is buying a 28.4 percent stake from Woongjin Holdings
and another 2.5 percent from other shareholders.
Under the sale plan, MBK is due to pay about 30 percent of
the 1.2 trillion won ($1.1 billion) sale value during November,
a source with direct knowledge of the deal told Reuters last
MBK has already paid 5-6 percent of the sale value and the
remainder will be paid in early January, the source said.
As creditors moved one step closer to getting their money
back, shares in Woongjin Holdings jumped 11 percent on Monday,
adding to a climb of 15 percent on Friday after Woongjin
Holdings submitted the sales plan to the court.
($1 = 1087.7500 Korean won)
(Reporting by Joyce Lee; Editing by Edwina Gibbs)