KKR to acquire auto assets from S. Korea's LS Group for $943 mln

LS

27/07/2017 08:07

SEOUL, July 27 (Reuters) - U.S. buyout firm KKR & Co  KKR.N  
said it has agreed to buy auto parts and materials businesses 
from South Korea's LS Group for 1.05 trillion won ($943 million) 
- a deal that follows its purchase of Nissan Motor  7201.T  
supplier Calsonic Kansei last year.  
    KKR will create a joint venture with LS for LS Automotive, 
an auto parts electronics maker, and will additionally buy an 
affilate that makes copper foils for large capacity lithium-ion 
batteries used in electric vehicles. 
    KKR will own a 47 percent stake in the joint venture for LS 
Automotive, which makes switches, interior lamps and other auto 
parts for Hyundai Motor  005380.KS  and other global automakers 
as well as top-tier suppliers like Continental  CONG.DE  and 
Delphi. 
    It will make its proposed investment from its US$9.3 billion 
Asian Fund III.          
    In November, KKR & Co said it would buy Calsonic Kansei for 
up to 498.3 billion yen ($4.5 billion) in its biggest deal in 
Japan.  urn:newsml:reuters.com:*:nL4N1DM5C7 
($1 = 1,113.0100 won) 
 
 (Reporting by Hyunjoo Jin; Editing by Edwina Gibbs) 
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters 
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net)) 
 
Keywords: LS GROUP KKR/