|Title||SsangYong signs conditional investment contract with KG consortium|
SsangYong Motor Company announced that it signed a conditional investment deal with a KG consortium on May 18th, ahead of the auction later this month to find a new investor.
KG consortium is formed with Special Purpose Companies (SPC), which are KG Mobility, KG ETS, KG Steel, KG Inicis, KG Mobilians, and with private equities Cactus PE and Pavilion PE.
SsangYong Motor will reduce the uncertainty associated with the deal by signing the conditional investment contract with the well-financed KG Consortium and by Korea Exchange’s announcement that it will extend the grace period to improve business.
SsangYong and EY (Ernst & Young) Korea, the appointed assessor, evaluated the acquisition price as well as fundraising plans and capability to stably run the business after the acquisition when selecting a preferred bidder. The company is expected to establish a strong foothold for corporate rehabilitation if the M&A is completed.
Above all, SsangYong’s new car (project name J100), is to be called TORRES and its teaser image and video have been released ahead of its official launch in June.
SsangYong will initiate an open bid at the end of the month.
※For more information about KG group:http://www.kggroup.co.kr/eng. <Ends>