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S.Korea SK Networks says to buy Tongyang Magic for $563 mln
September 30, 2016 / 9:16 AM / a year ago

S.Korea SK Networks says to buy Tongyang Magic for $563 mln

SEOUL, Sept 30 (Reuters) - South Korea’s SK Networks Co Ltd said in a regulatory filing on Friday it has agreed on a deal to buy Tongyang Magic, a kitchen appliance maker and water purifier rental firm, for 619 billion won ($563 million).

The purchase by SK Networks, whose operations includes a car rental business, carries a price tag that is more than double the 279.9 billion won that owner NH-Glenwood Private equity consortium paid for Tongyang Magic just two years ago. ($1 = 1,099.9900 won) (Reporting by Joyce Lee; Editing by Kenneth Maxwell)

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