Bain Capital buying South Korean activewear firm Echo Marketing in $344 million deal
The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon
SEOUL, Jan 2 : Bain Capital is buying a 43.66 per cent stake in South Korea's Echo Marketing, which owns local activewear brand Andar, from its founder and another shareholder for 216.6 billion won ($150.14 million), Echo said in a regulatory filing on Friday.
The U.S. investment firm is also making a tender offer for the remaining roughly 56.4 per cent stake in Echo Marketing, the Korean company said, at the same price of 16,000 won per share.
Shares of Echo Marketing jumped 30 per cent to 13,910 won on Friday after the news of the deal.
($1 = 1,442.6800 won)
Source: Reuters
