Visteon Corp. announced Wednesday that it would sell its 70 percent stake in Halla Visteon Climate Control Corp. (HVCC), a South Korean maker of air conditioning and heating systems for vehicles, to Korean private equity firm Hahn & Co. and a New Jersey-based subsidiary of Seoul-based Hankook Tire Worldwide for approximately $3.6 billion.
Peter Feist, a founding partner of the Hong Kong office at Weil, Gotshal & Manges, is leading a team from the firm representing Hahn & Co., according to a report by sibling publication The Asian Lawyer, which notes that leading Korean firm Kim & Chang is representing Hankook. Skadden, Arps, Slate, Meagher & Flom is advising Visteon on the deal and Gibson, Dunn & Crutcher is providing counsel to the global automotive supplier’s financial adviser UBS.
