South Korea's Haitai Confectionery Co (HCC) has been bought up by a consortium for 415bn won (US$0.11bn), according to a statement issued today by JP Morgan.

The consortium, led by CVC Asia Pacific Ltd., JP Morgan Partners Asia Ltd. and UBS Capital Asia Pacific Ltd, established Haitai Food Products Co to acquire the confectionery business and other related assets. Under the deal, they will each hold a 33.3% stake in the new entity.

A seven-year syndicated loan of 14bn won was secured to finance part of the deal, which was underwritten by JP Morgan and Chohung Bank.

HCC was declared bankrupt in 1997 when parent Haitai Group became a victim of South Korea's currency crisis. The consortium signed a formal contract in July detailing the buyout with HCC's creditors.