Korea-based Kumho Industrial, engaged in construction and ground transportation business, is selling assets worth $884.5 billion to approximately 10 private equity funds, Reuters reports citing the Korea Economic Daily. Daewoo Engineering & Construction will buy 12.3 percent of the assets.

The buyout vehicles had issued a letter of intent to purchase the assets from Kumho Industrial on Friday. The favored bidders will be made public by the creditors this week.

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