Iranian investors group to buy Daewoo Electronics for $540 million

Iranian investors of Entekhab Industrial Group have been named as the buyer for South Korea's Daewoo Electronics in a deal worth more than $540 million - The Reuters is reporting.

The financial terms of the deal were not disclosed, but local online news service eDaily said Entekhab offered slightly more than $540 million. It is the fourth attempt to sell Daewoo Electronics, once the flagship unit of the failed Daewoo Group and now almost wholly owned by its creditors. Daewoo sold off non-core assets and unprofitable businesses to focus on washing machines and refrigerators.

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More details from the Reuters follows