Deutsche Bank Shares Rise After Shakeup

ENLARGE Deutsche Bank managers held meetings and conference calls with employees in London, New York and Frankfurt, above. Photo: Martin Leissl/Bloomberg News By Jenny Strasburg and Jenny Strasburg The Wall Street Journal CANCEL Biography @jennystrasburg Google+ [email protected] Juliet Samuel Juliet Samuel The Wall Street Journal CANCEL Biography @CitySamuel [email protected] Oct. 19, 2015 1:46 p.m. ET 0 COMMENTS Deutsche Bank AG DB 2.48 % employees and investors on Monday positively graded the lender’s management and organizational overhaul, saying they welcomed clarity on how businesses will be judged going forward. They also said next week will be crucial to understanding Deutsche Bank’s

Goldman Sachs Cooks Up Deal for Korean Kitchenware Maker

Goldman Sachs and Seoul-based private-equity firm EastBridge Partners have agreed to acquire South Korean cookware maker Happycall. ENLARGE
Goldman Sachs and Seoul-based private-equity firm EastBridge Partners have agreed to acquire South Korean cookware maker Happycall. Photo: European Pressphoto Agency

SEOUL— Goldman Sachs Group Inc. GS 0.10 % and private-equity firm EastBridge Partners have agreed to acquire a South Korean kitchen appliance maker in a deal reported to have an estimated value of about $ 160 million.

This marks the second South Korean takeover deal announced by the New York-based investment bank in as many months.

Goldman and EastBridge Partners, which is based in Seoul, said Sunday in an emailed statement that they would acquire a majority stake in Happycall Co., which makes frying pans, ceramic pots, blenders and other cookware.

Happycall’s founder and chairman, Hyun Sam Lee, would be a minority shareholder in the company after the transaction closes, according to the statement, which offered no financial details of the deal.

Local media reported an estimated deal value of 180 billion won ($ 161.5 million) for a 90% stake of Happycall. Goldman and EastBridge Partners couldn’t be immediately reached for further comment over the weekend. Happycall couldn’t be immediately reached for comment.

Happycall—founded in 1999 and based in the southeastern Korean city of Gimhae—recorded revenue of 132 billion won and operating profit of 10.7 billion won last year, according to the company’s regulatory filings. Mr. Lee owned a 89.5% stake in the company at the end of 2015, the filings showed.

In July, Goldman said it and Bain Capital Private Equity agreed to acquire a controlling stake in Carver Korea Co., a closely held maker of specialty cosmetics, in a deal that would value the company at about $ 675 million.

Goldman said it has invested more than $ 2.5 billion in South Korea since 1999.

Write to Kwanwoo Jun at [email protected]


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