RHJ, Videocon to buy Daewoo

BRUSSELS: Belgian holding company RHJ International said on Monday it had entered an agreement with India's Videocon Industries Ltd. to jointly acquire South Korean appliance maker Daewoo Electronics.

The Belgian company said the proposed consideration for the purchase is approximately seven hundred billion Korean Won ($729 million), subject to adjustments.

RHJ said it expects RHJI and Videocon Industries Ltd will each own approximately one-half of the consortium.

The completion of the transaction is subject to a number of conditions such as the completion of due diligence, corporate approvals by the buyers and the approval of the Korean authorities.

In September, Daewoo said the company expected to complete its sale to the Videocon consortium by the end of December.