MBK Partners to sell Doosan Machine Tools for $2.1 bn

Started by neurosis, August 16, 2021, 07:14 AM

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neurosis

August 16, 2021, 07:14 AM Last Edit: December 31, 1969, 04:00 PM by Guest
Interesting turn of events.  

https://www.kedglobal.com/newsView/ked202108130012">South Korea's DTR Automotive agrees to buy the machine tools maker for business diversification



QuoteMBK Partners, a North Asia-focused private equity firm, agreed to sell South Korean Doosan Machine Tools at $2.1 billion to the country's DTR Automotive.

MBK Partners signed a share purchase agreement (SPA) with DTR Automotive, a producer of batteries, tires and auto parts, according to investment banking (IB) industry sources on Aug. 13.

DTR Automotive was known to pay about 2.5 trillion won ($2.1 billion) to diversify its business portfolio. DTR Automotive, an associate company of the country's Dong Ah Tire Group, beat a local apparel maker Sae-A in the final bidding with a higher offer.

Bank of America Merrill Lynch handled the deal.

MBK Partners set up Doosan Machine Tools after buying the machine tool business from Doosan Infracore for 1.1 trillion won in 2016. Doosan Machine Tools increased earnings after the takeover, but the US-China trade war in 2018 hit its business in China and overall profits.
I'll go back to being a conservative, when conservatives go back to being conservative.

gcode

#1
August 16, 2021, 07:33 AM Last Edit: December 31, 1969, 04:00 PM by Guest
Quote from: neurosis post_id=14381 time=1629123289 user_id=49MBK Partners set up Doosan Machine Tools after buying the machine tool business from Doosan Infracore for 1.1 trillion won in 2016. Doosan Machine Tools increased earnings after the takeover, but the US-China trade war in 2018 hit its business in China and overall profits.


they doubled their money in 5 years..I'm surprised they are selling
I wonder if this will affect Doosan's deal with Titan

Jeff

#2
August 16, 2021, 07:35 AM Last Edit: December 31, 1969, 04:00 PM by Guest
Bought for 1.1 trillion 5 yrs ago, sold for 2.1 billion. Is that a typo?
Holy crap.

EDIT, nevermind. Korean currency.

PAnderson

#3
August 17, 2021, 07:48 AM Last Edit: December 31, 1969, 04:00 PM by Guest
I work for Doosan. This will be a good thing. Originally, MBK is just an investment firm. We knew they would be sold again. We were sold to a major automotive parts manufacturer and they want DMT to be their flagship company. So, we hope we can continue on with the great 3 years we have had. Record sales exceeding any years in our history.

Paul
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