SEOUL, Jan 2 (Reuters) – Bain Capital is buying a 43.66% 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 […]
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Bain Capital buying South Korean activewear firm Echo Marketing in $344 million deal
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SEOUL, Jan 2 (Reuters) – Bain Capital is buying a 43.66% 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% stake in Echo Marketing, the Korean company said, at the same price of 16,000 won per share.
Shares of Echo Marketing jumped 30% to 13,910 won on Friday after the news of the deal.
($1 = 1,442.6800 won)
(Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)