Mando sale marks Halla comeback

Korea's Halla Engineering will pay $685 million to regain control of the auto parts business after selling the company to private equity buyers nearly a decade ago.

Halla Engineering and Construction, an entity of one of KoreaƆs largest chaebol Halla Group, has signed a preliminary agreement to buy a 72% stake in Korean brakes and steering manufacturer Mando from private equity investors, CCMP Capital and Affinity Equity.

The deal means that Halla will regain control of a business that it was forced to sell to the private equity firms following the Asian financial crisis. CCMP and Affinity, meanwhile, will cash in on a stake they have held...

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