HK’s Affinity, PAG among private equity firms bidding for GE’s Hyundai Card stake

Three private equity firms are bidding for General Electric’s 43 percent stake in its South Korean credit card joint venture, Hyundai Card, in a deal that may be worth more than 600 billion won ($537 million), Invest Chosun reported on Tuesday.

Hong Kong-based private equity firm Affinity Equity Partners and PAG are among the three bidders and GE Capital plans to complete the stake sale by year-end, the report said, citing investment banking sources. It said GE has hired Goldman Sachs and Morgan Stanley to manage the deal.

GE is planning to divest stakes in its two South Korean businesses it partners with Hyundai Motor – Hyundai Card and Hyundai Capital, as the U.S. conglomerate continues to trim its exposure to the financial services sector.

A Hyundai Card spokesman was not available for comment. A public relations representative in Seoul for Affinity declined to comment.

In December, GE agreed to sell a 23.3 percent stake in Hyundai Capital, an auto-financing firm for 703 billion won. GE seeks to sell out of a remaining 20 percent stake in the unlisted lender to a third party.

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.