Entekhab Industrial Group, an unlisted Iranian home appliances company, is searching for financing to complete its acquisition of South Korea’s Daewoo Electronics in the face of international sanctions over Iran’s nuclear programme.
“It will be very, very difficult to get loans under sanctions but we’ll do it,” Amin Mannani, Entekhab’s deputy head, told the Financial Times.
In a rare example of an Iranian company acquiring a foreign one, Entekhab signed a $518m contract just over a week ago to buy South Korea’s Daewoo Electronics from its creditors. This ended a more than 10-year search for a buyer for the former Daewoo unit, which makes washing machines, refrigerators and microwave ovens.
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