North Asia-focused buyout firm MBK Partners is reportedly acquiring Doosan Techpack, the packaging unit of Doosan Corporation, which is a part of South Korean conglomerate Doosan Group.
The South Korean group has agreed to sell its packaging unit to MBK Partners for W400 billion ($286 million; €225 million), according to Asia Pulse news service.
The Seoul-based private equity firm will pay W201 billion in cash and take over W199 billion in company debts, Reuters reported.
Doosan Corporation has interests in liquor, publishing, packaging, fashion, trading and information and communication.
The Doosan Group is a diversified conglomerate whose other subsidiaries are engaged in engineering and construction, heavy industries and machinery, manufacture of diesel engines, financial services, advertising, venture capital, hospitality, animal feed, logistics and logistics, besides also owning a domestic baseball franchise.
Last month, MBK entered into a strategic partnership with Korea’s National Pension Service to explore investment opportunities in the country. The firm agreed to invest up to $2 billion in the partnership.
MBK is also reportedly in the running to acquire a 9.9 percent interest in Korea Life insurance, competing with the likes of The Carlyle Group and Affinity Equity Partners.
In July, MBK agreed to invest ¥7 billion ($65 million; €41 million) in Tasaki Shinju, a Japanese jewellery manufacturer and distributor.
Formed in 2005, the Michael Kim-led firm manages assets of more than $3 billion. This is the firm’s fourth investment in Korea.
Doosan could not be reached for comment and MBK declined to comment.