Interpark closes in on Samsung procurement bid

By Freddie Pierce
Samsung is hoping iMarketKorea will get a kick start with new leadership, and thats why the company is accepting bids for a stake in its procurement of...

Samsung is hoping iMarketKorea will get a kick start with new leadership, and that’s why the company is accepting bids for a stake in its procurement offering.

iMarketKorea, which provides procurement outsourcing services for maintenance, repair and operations (MRO), and Interpark is nearing a purchase of the Samsung branch for $342 million. The bid was higher than competitors Kohlberg Kravis Roberts and MBK Partners.

While Samsung has confirmed that Interpark is leading the pack and is its preferred bidder, no deal has been confirmed by the company. However, sources told Reuters that Interpark has actually already won the deal.

At the moment, Samsung maintains that the two parties are negotiating detailed terms of the deal.

“Samsung and the Interpark-led consortium are expected to complete the sale of iMarketKorea by the end of the year after signing an agreement in early November,” Samsung Group said in a statement.

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Samsung plans to sell a 58.7 percent stake in iMarketKorea, which is Korea’s leading B2B eProcurement provider. The size of the stake in the procurement provider could reportedly be smaller if the bidder requested it.

iMarketKorea, started up in 2000, also handles operations in North America, South America, Asia and Europe.

For more information on the Samsung-iMarketKorea bid, click here.

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