South Korea’s Hankook Tire Co. is considering a partnership with private equity firm Hahn & Co. to jointly bid for Visteon Corp.’s South Korean unit Halla Visteon Climate Control Corp., according to reports from Reuters and Bloomberg.
Citing an email from the tiremaker, Bloomberg said that the companies are in talks to jointly purchase Visteon Corp.’s 70% stake in Halla Visteon Climate Control Corp.
In its report, Reuters said that Hankook might fund 30% of the transaction, which is worth an estimated total of $3.9 trillion Korean won ($3.55 billion).