Mumbai: Videocon Industries Ltd along with Ripplewood Holdings LIC of the US is close to clinching a deal to acquire South Korea's Daewoo Electronics Corp. The acquisition is valued at $700-710 million.
Aurangabad-based Videocon had jointly bid with RHJ International, the holding company of buyout fund Ripplewood Holdings, for the Seoul-based electronics maker.
"As of now, we have been shortlised as the preferred bidder," a senior company official said. He, however, declined to comment on the financials.
The deal, if goes through, would be Videocon's third acquisition in one year. Videocon had acquired Thompson's global picture tube business for 240 million euros and the loss-making Electrolux Kelvinator India, subsidiary of AB Electrolux, Sweden, earlier this year.
Videocon had taken over Electrolux Kelvinator India in a cashless transaction, wherein AB Electrolux agreed to subscribe to Videocon's GDR worth about Rs406 crore as part of the deal.