July 20 (Reuters) – Blackstone has invested in Futronic, a supplier of high-precision actuators serving automotive and industrial robotics sectors, the world’s largest alternative asset manager said on Monday.
The deal values the South Korean firm at about 1 trillion won ($676.04 million), according to a person with knowledge of the matter.
Blackstone and Futronic did not immediately respond to requests for comment.
Here are a few details:
• Blackstone said that private equity funds affiliated with the alternative investment firm have entered into a definitive agreement to make a significant investment in Futronic.
• Futronic’s founder Jin-ho Ko will remain in his role as chairman and chief executive officer and work with Blackstone to accelerate the company’s global growth and end-market expansion.
• Blackstone “will help drive our expansion and solidify our leadership in actuation and motion control solutions,” the founder said.
($1 = 1,479.2000 won)
(Reporting by Sumedha Mukherjee in Bengaluru and Kane Wu in Hong Kong; Editing by Sonia Cheema)
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