Hanon Systems Preliminary Bidding Begins, Search for New Owner Intensifies

[Asia Economy Reporter Changhwan Lee] Hanon Systems, a company specializing in vehicle climate control systems, will receive preliminary bids for its sale on the 22nd.

According to the financial investment industry, Morgan Stanley, the lead manager of the sale, is known to be accepting preliminary bids to sell 70% of Hanon Systems' shares on this day.

The sale scale is 70% of Hanon Systems' shares. The 70% stake for sale is currently held by Hahn & Company with about 50.5% and Hankook Tire & Technology with about 19.5%.

Hanon Systems is a specialized manufacturer in thermal management (climate control) such as automotive air conditioners, ranking second globally in this field.

If the share sale is completed, Hanon Systems will welcome a new owner after 6 years. Hahn & Company and Hankook Tire purchased 70% of the shares held by Visteon in 2015 for approximately 3.94 trillion KRW.

Acquisition candidates include LG Group and foreign private equity funds. It is reported that LG Group is discussing a joint acquisition plan in a consortium with the global private equity firm Carlyle.

Valeo, the world's third-largest climate control company based in France, is reportedly preparing to collaborate with Bain Capital. In addition, SK Group, Mando, Confidential, and Mille have also received teaser letters (investment prospectuses), but are understood to have no active movements.

There are also concerns that the acquisition price, ranging from 7 trillion to 8 trillion KRW, is a considerable scale that could hinder the deal's success.

This content was produced with the assistance of AI translation services.