Return to search

Reuters – Orix Chosen for Up to $357M Stake in STX Energy

South Korea’s STX Group picked Japanese financial company Orix Corp as preferred bidder to acquire an up to $357 million stake in unlisted affiliate STX Energy, the group’s holding company STX Corp said on Monday, Reuters wrote. An STX Corp spokesman said the group is considering selling a maximum of 49% stake in the electric power generator and petroleum distributor, and plans to finalize the deal before the end of October.

 

(Reuters) – South Korea’s STX Group picked Japanese financial company Orix Corp as preferred bidder to acquire an up to $357 million stake in unlisted affiliate STX Energy, the group’s holding company STX Corp said on Monday.

 

An STX Corp spokesman said the group is considering selling a maximum of 49 percent stake in the electric power generator and petroleum distributor, and plans to finalise the deal before the end of October.

 

The stake is expected to be worth up to 400 billion won ($357 million), a source with direct knowledge of the deal said.

 

Local venture capital firm Atinum Investment, which had been pursuing the stake, said its talks with STX had halted after it failed to agree with some of the conditions of the deal.

 

STX affiliates including STX Corp own 91 percent of STX Energy, with the rest held by minority shareholders.

 

STX Group is also offering to sell its offshore vessel builder STX OSV Holdings Ltd, under a restructuring plan. ($1 = 1119.3250 Korean won) (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)