GS Holdings Corp, the group that controls South Korea's second-largest oil refiner, has inked an agreement with LG International Corp to buy combined shares in STX Energy Co. The consortium agreed to buy a 71.9% combined stake in STX Energy for KRW630.7 billion ($598 million), according to Bloomberg.
According to a statement made by STX Energy today, GS Holdings will pay financial services provider Orix Corp KRW 564.9 billion for a 64.4% stake in the power plant operator. Seoul-based commodity trader LG International will pay KRW65.8 billion for a 7.5% stake in STX Energy, the report detailed.
Under the terms of the transaction, Japan-based Orix will continue to hold 25% of STX Energy after the sale of its stake to GS Holdings and LG International, the report added.
ORix said in a statement, "In addition to transferring controlling interest of STX Energy to its new partner the GS-LG consortium, Orix will continue to support the improvement of corporate value as a shareholder."
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