A consortium led by South Korean electric carmaker Edison Motors has agreed to acquire SsangYong Motor for 305 billion won (USD 254.65 million). SsangYong Motor said in a statement. This is after Edison Motors showed interest in acquiring the struggling Korean carmaker last October.
SsangYong has been under court receivership since April in an attempt to rehabilitate the carmaker after majority owner Mahindra and Mahindra failed to secure a buyer.
Edison Motors was established only in 2015. However, they have ambitions to turn SsangYong in just three to five years. The plan is focused on transforming the South Korean SUV specialist into an EV-focused carmaker. This was revealed by Edison Motors’ Chairman Kang Young-kwon.
Aside from Edison Motors, the consortium also includes Seoul-based Keystone Private Equity, activist fund Korea Corporate Government Improvement Fund (KCGI), and Semisysco Co. Under the new structure, KCGI will have a 34 to 49 percent stake, while Edison Motors will have the rest.
Coinciding with the announcement, SsangYong began taking reservations for its latest electric SUV, the Korando e-Motion (middle photo).
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