KYB Corporation cancelled the acquisition of 50% stake in KYB Mando do Brasil Fabricante de Autopeças S.A. from Halla Holdings Corp..
January 28, 2019
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KYB Corporation (TSE:7242) resolved to purchase remaining 50% stake in KYB Mando do Brasil Fabricante de Autopeças S.A. from Halla Holdings Corp. (KOSE:A060980) for BRL 37.2 million on January 29, 2018. KYB Corporation entered into a share purchase agreement to purchase remaining 50% stake in KYB Mando do Brasil Fabricante de Autopeças S.A. from Halla Holdings Corp. on March 26, 2018. Under the terms of the transaction, KYB Corporation will acquire 37.2 million shares of KYB Mando for BRL 1 per share. Following the acquisition, KYB Mando do Brasil Fabricante de Autopeças will become a wholly-owned subsidiary of KYB Corporation. The acquisition was approved by the Board of Directors of KYB Corporation. The execution of agreement is expected to take place in middle of February, 2018 and the deal is expected to close in late May, 2018. Thiago Sandim, Betina Castellanos and Gabriel Queiroz of Demarest Advogados acted as legal advisor to KYB Corporation. Linklaters LLP acted as legal advisor to KYB Corporation.
KYB Corporation (TSE:7242) cancelled the acquisition of 50% stake in KYB Mando do Brasil Fabricante de Autopeças S.A. from Halla Holdings Corp. (KOSE:A060980) on January 29, 2019.
HL Holdings Corp, formerly Halla Holdings Corp, is a Korea-based company mainly engaged in the distribution and logistics business of auto parts. The Company supplies and sells genuine parts for the parts market for automobile maintenance such as suspension, steering, braking, air conditioning parts, electronic parts, instruments, motors, and airbags through strategic partnerships with parts manufacturers. In addition, the Company provides value chain services such as purchase agency, packaging, import and customs clearance, procurement, inspection and inspection, storage, distribution processing, and domestic and overseas transportation of automobile parts, and third-party logistics (3PL) based on know-how in comprehensive management service of automobile parts logistics and customized logistics consulting services. The Company is also engaged in the trademark use business.