GS Caltex has announced that it will be selling a significant stake in its wholly-owned subsidiary GS Power. The parent company will retain 50 percent of the shares and management control over GS Power, and plans to sell the rest to overseas investors.
According to industry sources, Deutsche Bank is handling the sale for GS Caltex and is currently in negotiations with two foreign strategic investors.
GS Power had sales of 738.1 billion won in 2010 and EBITDA of 147 billion won. Its current sale price has been estimated to be as much as 1 trillion won.
Source: translated from The Bell
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