The official bidding for a 50% stake in GS Caltex subsidiary, GS Power is set to begin on February 17. According to this Korea Times article, four local and international bidders including a consortium composed of Kookmin Bank and Samsung Life Insurance as well as Macquarie Private Equity Fund.
After the sale was announced in October, roughly 10 companies showed interest, however several of the overseas strategic investors dropped out, possibly due to the fact that GS Caltex will retain management control over the company.
The stake is expected to sell for 400 to 500 billion won, more than four times the book value of 95.43 billion won. In 2010, GS Power had sales of 738.1 billion won and EBITDA of 147 billion won.
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