July 20 (Reuters) – Blackstone has invested in Futronic, a supplier of high-precision actuators serving automotive and industrial robotics sectors, the world's largest alternative asset manager said on Monday.
The deal values the South Korean firm at about 1 trillion won ($676.04 million), according to a person with knowledge of the matter.
Blackstone and Futronic did not immediately respond to requests for comment.
• Blackstone said that private equity funds affiliated with the alternative investment firm have entered into a definitive agreement to make a significant investment in Futronic.
• Futronic's founder Jin-ho Ko will remain in his role as chairman and chief executive officer and work with Blackstone to accelerate the company's global growth and end-market expansion.
• Blackstone "will help drive our expansion and solidify our leadership in actuation and motion control solutions," the founder said.
(Reporting by Sumedha Mukherjee in Bengaluru and Kane Wu in Hong Kong; Editing by Sonia Cheema)
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