Orion Electric Co., South Korea's third-largest display maker, said Tuesday it has concluded a contract for merger and acquisition with the American fund Matlin Patterson. "The sale price amounts to 120 billion won (US$117.24 million)".
Matlin Patterson, a global private equity fund, will take charge of the firm's OLED section, while another fund, in which Matlin Patterson invested, will run the display section, according to the company.
"They will invest a large amount of money to continue the development of the display section, and notably the OLED section will be developed into a global business," it added.
Orion Electric is manufacturing full color OLED panels and modules for 1-inch sub displays, 2-inch main displays for mobile phones and 3.5-inch displays for PDAs.
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