Three private equity firms bid for GE's Hyundai Card stake

September 20, 2016 3:20 AM

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SEOUL, Sept 20 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.

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