Korea's top home appliance retailer Himart Co. said Monday it has chosen a local private equity fund as the preferred bidder for a controlling stake in the firm.
MBK Partners Ltd. was picked as the prime bidder for the 65.25 percent stake, collectively owned by former chief Sun Jong-koo, Eugene Corp. and Hi Consortium, beating out rival bidder Lotte Shopping Co., Himart officials said.
"The three major shareholders and MBK Partners plan to sign a contract and determine the details of the agreement after negotiations," a Himart official said.
The exact timeframe and bid price were not disclosed, but MBK Partners offered to buy the stake for some 1.25 trillion won ($1.08 billion), or around 80,000 won per share, according to company officials.
Shares in Himart, which has 47 percent of the country's home appliance retail market, were trading at 51,200 won on the Seoul bourse as of 2:17 p.m.
The three shareholders decided to sell the majority stake in Himart in December, a month after a conflict between Sun and Eugene chairman Yu Sun-kyung over control of the company established in 1987. (Yonhap)