Dayou A-Tech Co., Ltd. and an unknown party completed the acquisition of 70% stake in WiniaMando Inc. from CVC Capital Partners Limited.
November 04, 2014 at 04:00 am
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Dayou A-Tech Co., Ltd. (KOSE:A002880) and an unknown party made a bid to acquire 70% stake in WiniaMando Inc. from CVC Capital Partners Limited on July 9, 2014. Dayou A-Tech Co., Ltd. (KOSE:A002880) and an unknown party signed a definitive agreement to acquire 70% stake in WiniaMando Inc. from CVC Capital Partners Limited for KRW 80.5 billion on October 10, 2014. Dayou A-Tech Co., Ltd. (KOSE:A002880) and an unknown party will make payment of KRW 78.2 billion and KRW 2.3 billion respectively. The consideration is subject to adjustments. A payment of KRW 8.05 billion has been made as of October 14, 2014 with the balance consideration payable on completion.
As of December 31, 2013, WiniaMando had total assets of KRW 278.5 billion, total stockholders' equity of KRW 60.2 billion, sales revenue of KRW 412.9 billion, operating income of KRW 17.2 billion, profit after tax of KRW 11.4 billion. The Board of Dayou A-Tech Co., Ltd. approved the deal.
In a competing bid, Hyundai Green Food Co.,Ltd. (KOSE:A005440) signed a memorandum of agreement to acquire WiniaMando Inc. from CVC Capital Partners Limited for KRW 150 billion on August 7, 2014. Hyundai Green Food Co.,Ltd. (KOSE:A005440) cancelled the acquisition of WiniaMando Inc. from CVC Capital Partners Limited on September 5, 2014.
As of October 17, 2014, the terms of the agreement were amended. Dayou A-Tech Co., Ltd. (KOSE:A002880) and an unknown party agreed to acquire 70% stake in WiniaMando Inc. from CVC Capital Partners Limited for KRW 70 billion. Dayou A-Tech Co., Ltd. (KOSE:A002880) and an unknown party will make payment is of KRW 67.7 billion and KRW 2.3 billion respectively. Deposit of KRW 8.05 billion has already been paid by Winiadayou and the balance payment of Winiadayou scheduled on October 31, 2014, will be KRW 61.95 billion. The deal is expected to close on October 31, 2014. Nexia-Samduk acted as valuer in the deal. The Goldman Sachs Group, Inc. acted as a financial advisor to CVC Capital Partners Limited.
Dayou A-Tech Co., Ltd. (KOSE:A002880) and an unknown party completed the acquisition of 70% stake in WiniaMando Inc. from CVC Capital Partners Limited on November 4, 2014.
Winia Co Ltd, formerly WiniaDimchae Co Ltd, is a Korea-based company principally is engaged in the manufacture and sale of home appliances. The Company is engaged in the manufacture and sale gourmet appliances including kimchi refrigerators, rice cookers and others. In addition, the Company is engaged in the manufacture and sale of kitchen and home appliances including air conditioners, refrigerators, air cleaners, washing machines and others.
WINIA CO., LTD. 