South Korea’s private equity fund Glenwood Private Equity and Hong Kong-based private equity fund Baring Private Equity Asia are to buy Lafarge Halla Cement Corp (South Korea) from LafargeHolcim Ltd for around KRW550bn (US$455.1m), report local media.

According to investment bank industry sources on Friday, Glenwood PE, a preferred bidder of Lafarge Halla Cement, has notified LafargeHolcim, the largest shareholder of the Korean cement producer, that it selected Baring Private Equity Asia as a joint takeover partner. The group will decide whether to give a final nod to the acquisition proposal ahead of its shareholders’ meeting scheduled in March.

Glenwood PE will likely establish a strategic partnership with a local cement company after it buys Lafarge Halla Cement, the report by Mail Business News Korea added.

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