December 17, 2014 / 10:47 PM / 3 years ago

Hankook Tire to buy part of Visteon's S.Korean unit for $984 mln

SEOUL, Dec 18 (Reuters) - South Korea’s Hankook Tire said on Thursday that it has agreed to buy a 19.49 percent stake in Visteon Corp’s South Korean unit for 1.08 trillion Korean won ($983.84 million) to diversify the tire maker’s business portfolio.

Visteon, a U.S. automotive parts maker, said overnight it has agreed to sell all of its nearly 70 percent stake in Halla Visteon Climate Control Corp to Hankook Tire and Hahn & Co for a combined $3.6 billion.

Hahn & Co, a South Korean private equity firm, will hold a remaining 50.5 percent stake in Halla Visteon.

$1 = 1,097.7400 won Reporting by Hyunjoo Jin; Editing by Chris Reese

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