The search for a new owner for SsangYong is probably over. The current owner, the Indian company Mahindra & Mahindra, has been looking for a buyer for over a year, also due to sanctions imposed on the carmaker by the Korean authorities for SsangYong not repaying the loan.
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But now it seems that the case will find its solution, in the form of an investor. “A consortium has been decided to lead Edison Motors as the preferred intermediary for the major stake in SsangYong,” a Seoul court said in a report. Edison acquired the stake at the expense of Electric Life Business and Technology.
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Bus manufacturer Edison Motors should share its stake with investment group KCGI and Kyestone Private Equity. By the end of the month, everything should be clear, because the companies should sign the final binding contract. However, the new owners must also count on taking over a debt of 700 billion won, ie about 13 billion crowns.
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In the future, the new majority owner of the carmaker should invest heavily in electromobility, which has already been announced earlier. Edison Motors focuses on the production of electric buses.
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For SsangYong, Edison Motors would already be the owner of several times. In 2004, the company went into the hands of the Chinese company SAIC, which, however, in 2011 led the company to bankruptcy. It was pulled out by the already mentioned Indian company Mahidra & Mahidra. She eventually decided to sell it due to investment cuts.
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