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KG Mobility has been chosen as the preferred bidder to acquire Edison Motors Co. The company, which is formerly known as SsangYong Motor Co., said this week that it is already in the process of buying the Korean electric bus manufacturer.
KG Mobility also shared that the acquisition of Edison Motors is part of its business diversification scheme. It was noted that the deal is a conditional investment agreement with the bus maker.
As per Yonhap News Agency, KG Mobility was picked as the preferred bidder by a bankruptcy court in the southeastern city of Changwon. Edison Motors has been under the court-led debt rescheduling plan since January.
Previously, Edison Motor attempted to buy SsangYong Motor, which has filed for bankruptcy, but the acquisition did not push through because it failed to make a full payment for the buyout. At that time, SsangYong Motor was under court receivership.
With Edison’s failure, the Seoul Bankruptcy Court proceeded to pick KG Group as the final bidder to acquire SsangYong in June 2022, and in August of that same year, its debt payment scheme was approved. The company eventually got out of court receivership after one and a half years.
Last month, SsangYong announced it had decided to change its name to KG Mobility with the aim of transforming the company into a mobility solutions group. It submitted a letter of intent (LOI) to buy Edison Motors shortly after changing its name. It also delivered an investment proposal to a bankruptcy court that is in charge of Edison Motor’s debt restructuring.
“KG Based on Mobility’s technology and competitiveness, it is expected to create synergy with Edison Motors,” Korea Post quoted a KG Mobility official as saying in a statement. “Based on the recovery of the business network after the acquisition, profitability improvement through sales increase and efficiency, sales volume through export market expansion will normalize Edison Motors as soon as possible.”
