US private equity group Warburg Pincus has been selected as a preferred bidder for South Korean automotive parts maker Hyundai Autonet, Reuters said, citing the Korea Economic Daily.

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The report cited the paper as saying that Warburg Pincus is to buy Hyundai Autonet’s 23.42% held by Hynix Semiconductor Co. and another 34.98% owned by Hyundai Investment Trust Securities Co.

Reuters said Hyundai Autonet, which makes car navigation systems and other parts, earned a net 65.2 billion won ($US55.34 million) on sales of 545.4 billion won last year and its market capitalisation reached $508 million.

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