LG ELECTRONICS INC. (066570) subsidiary Bear Robotics selected Bank of America to arrange fundraising, Korea Economic Daily reported Sunday. The US robotics company is approaching private equity firms in South Korea and overseas about investment before a proposed Nasdaq listing.
The company plans to use the proceeds for robot research and development, according to the report. LG ELECTRONICS INC. initially invested $60 million in Bear Robotics before the subsequent transaction that gave it control.
LG ELECTRONICS INC. acquired control of Bear Robotics by exercising a call option after an earlier investment. The company's market capitalisation was ₩32.8 trillion at Friday's close.
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| Symbol | Last Price |
|---|---|
| 066570LG ELECTRONICS INC. | ₩201,500 +0.9% |