Kookmin Group Preferred Bidder for GS Power

A consortium led by Kookmin Bank has been chosen as preferred bidder to acquire a 50 percent stake in GS Power, a subsidiary of South Korea’s GS Caltex , writes Reuters. The deal is reportedly worth over 300 billion Korean won ($266.70 million). A Macquarie private equity fund was originally in the final bidding, writes Reuters.

Reuters – A consortium led by Kookmin Bank has been chosen as preferred bidder to acquire a 50 percent stake in GS Power, a subsidiary of South Korea’s GS Caltex , sources said on Wednesday, in a deal reportedly worth more than 300 billion Korean won ($266.70 million).

Kookmin Bank, South Korea’s top mortgage lender, and GS Caltex, the nation’s second-largest crude oil refiner, both declined to comment.

Online outlet MoneyToday reported that the Kookmin consortium and a Macquarie private equity fund were left in the final bidding.

GS Caltex had received initial bids from about 10 companies including Electricity Generating Pcl (EGCO) and local private equity firm MBK Partners for the stake, a media report said last November.

Thailand’s EGCO, which had confirmed its bid, said in February it was unlikely to win the deal.

Deutsche Bank AG is acting as an adviser to GS.