Foxconn Electronics reportedly is interested in participating in a bit to take up the management of Korea-based household appliance vendor Tongyang Magic, according to a Korea Economic Daily report.
Foxconn is likely to offer a bid under the name of Sharp, aiming to make Sharp as a global brand for integrated household appliances, said the paper.
The deal is likely to total KRW500 billion (US$449.5 million), estimated the paper. Tongyang Magic posted sales of KRW390.3 billion and an EBITDA of KRW69.2 billion in 2015.
Tongyang Magic supplies a wide range of household appliances, including TVs, gas ovens, washing machines, refrigerators and vacuum cleaners.
Korea-based food company CJ Group and a number of investment firms, including Bain Capital, Affinity Equity Partners, CVC Capital Partners, STIC Investments and IMM Private Equity, may also participate in the bid.
Article translated by Steve Shen
