[THE INVESTOR] Local strategic investors SK Networks and Unid are joining the race to take over home appliance manufacturer Tongyang Magic, heating up the preliminary bid scheduled for Aug. 11.

The SK Group affiliate is seeking to expand its rental business while the chemical company is looking to venture into a new business, and has already appointed financial advisors, according to the industry and media reports on Aug. 8. 



Tongyang Magic has been put on sale by a consortium led by private equity fund Glenwood & NH PE with a price tag of 500 billion won (US$448.59 million). The consortium bought the entire stake of the company for 280 billion won in 2014.

NH Investment & Securities will lead the sale and shortlist bidders that reportedly includes CJ Group and Taiwan’s FoxCon as well as local and international financial investors. The final round of bidding will be held mid-September.

By Hwang You-mee (glamazon@heraldcorp.com)