Hyundai Green Food to acquire 14.13% of Daewon Kang Up for KRW 38.4bn
- Deal value
- $27m
- Stake
- 14.13%
- Implied 100%
- $187m
- Revenue
- $595m
- Op. income
- -$3m
- Multiples
- PSR 0.3x
Deal value ÷ stake (structure unconfirmed)
2021 연결 · DART-verified
2021 연결 · DART-verified
On implied equity value
DART 20220317000256
- Target
- Daewon Kang Up · Auto parts (springs, seats)
- Buyer
- Hyundai Green Food · SI
- Seller
- Chairman Huh Jae-cheol and 3 related parties
- Structure
- —
- Announced
- Nov 27, 2022
- Closed
- —
- Stage
- Signed
Target
Daewon Kang Up, founded in 1946, is Korea's largest and reportedly the world's fifth-largest maker of automotive and industrial springs, with subsidiaries in the US and Europe and new ventures such as EV drive-motor cores.
Deal rationale
Hyundai Green Food said the deal diversifies a portfolio concentrated in consumer businesses to spread risk and would provide stable income after its planned holding-company conversion. Aju Business reported that Hyundai Department Store Group Vice Chairman Chung Kyo-sun is Chairman Heo Jae-chul's son-in-law and that the group had bought 7.67% during a 2009 hostile-bid episode, so the market read it as a white-knight move; the group's combined stake rose from 15.61% to 29.74%.
| Revenue | $595m |
| Operating income | -$3m |
| EBITDA | — |
| Net income | — |
2021 연결 · DART-verified · 20220317000256
Press coverage
- 아주경제 (2022-11-27): “384억원에 취득하기로 결정했다고 공시했다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.