Edison Motors is leading a consortium of buyers that is expected to be selected as the preferred bidder for SsangYong, according to accounts from South Korea.
The Korea Joongang Daily
reports that SsangYong has chosen the consortium led by the electric truck maker as its preferred bidder and would ask the Seoul Bankruptcy Court to approve the transaction.
The Korea Corporate Governance Improvement (KCGI) fund, Keystone Private Equity and Semisysco are part of the Edison Motors-led consortium, which is reported to have submitted a 200 billion won (£123m) bid for the acquisition of the Korean manufacturer.
The Seoul Bankruptcy Court apparently rejected a competing bid led by electric vehicle company EL B&T, which reportedly submitted a 500 billion won (£308m) bid, on the grounds that it “was seen as lacking financing capability.”
“SsangYong Motor and the manager of the deal evaluated the acquisition price as well as the bidder’s determination and capability to stably run SsangYong Motor’s business after the acquisition,” SsangYong Motor said in a statement reported by the Joongang Daily.
Edison Motors is an electric truck manufacturer in South Korea, specialising in electrically powered buses. It currently enjoys a market share ahead of local behemoths Hyundai as local governments subsidise the deployment of zero-emission public transport.
The firm was expected to unveil a one-tonne electric truck to compete with the likes of the Ford E-Transit, while SsangYong is well down the path of delivering an electric pickup truck alongside the Musso, the latter expected to arrive in 2023.
Edison Motors has long been linked with a buyout of SsangYong since the company was placed into receivership in April. Others that have stated their interest include K-pop Motors, a local electric scooter company, and HAAH Automotive in the US that imports Chinese vehicles for the North American market.
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