According to Yonhap reported, informed sources have revealed that Iran's largest home appliance maker Entekhab Industrial Group intends to acquire South Korean home appliance maker Daewoo Electronics.
The person familiar with the matter said that South Korea's NH Investment Securities Company has already negotiated with the consortium alliance behind Entekhab in the hope of signing a share purchase agreement later this month.
Entekhab has formed a capital alliance with Whale Investment, a South Korean private equity fund, to acquire Eastern Daewoo Electronics.
It is reported that the proposed share sale of Eastern Daewoo Electronics is less than 135.6 billion won (about 127 million U.S. dollars), a figure set by South Korea's KTB private equity and other financial investors in 2013 to capital-deficient Eastern Daewoo Electronics.
Currently, Eastern Daewoo Electronics is highly dependent on overseas markets, with 80% of its sales coming from overseas. Eastern Daewoo Electronics manufactures home appliances such as TVs, monitors, refrigerators, kitchen appliances, washing machines and air conditioners.