Keppel Infrastructure Trust (with Keppel Asia Infrastructure Fund) to acquire Eco Management Korea Holdings (EMK) for KRW 770bn
- Deal value
- $531m
- Stake
- —
- Implied 100%
- —
- Revenue
- $93m
- Op. income
- $4m
- Multiples
- —
2021 연결 · DART-verified
2021 연결 · DART-verified
DART 20220414000251
- Target
- Eco Management Korea Holdings (EMK) · Waste incineration and landfill
- Buyer
- Keppel Infrastructure Trust (with Keppel Asia Infrastructure Fund) · SI
- Seller
- IMM Investment and Korea Development Bank
- Structure
- —
- Announced
- Aug 8, 2022
- Closed
- —
- Stage
- Signed
Target
EMK (Eco Management Korea Holdings), formed in 2010 when JP Morgan rolled up regional waste companies, is Korea's No.2 incineration operator that expanded into liquid-waste treatment and landfill, with eight incineration/landfill subsidiaries including Korea Environment Development, Vinotech and EMK Seunggyeong.
Deal rationale
Keppel's KIFM CEO Jopy Chiang said adding a waste-management platform would improve portfolio resilience; Keppel Capital CEO Christina Tan called it KAIF's first environmental investment since the fund's January 2020 launch; Keppel Infrastructure CEO Cindy Lim cited synergies with Keppel Seghers' waste-to-energy technology (FN News). Seller IMM Investment bought EMK from JP Morgan Asset Management in 2017 for about KRW 390 billion and added KD Environment and Top Eco; Seoul Economic Daily reported the sale price (around KRW 800 billion) was roughly double IMM's entry. IMM's own stated rationale was not reported.
| Revenue | $93m |
| Operating income | $4m |
| EBITDA | — |
| Net income | — |
2021 연결 · DART-verified · 20220414000251
Press coverage
- 파이낸셜뉴스 (2022-08-08): “거래규모는 약 7700억원으로 알려졌다.”
- 서울경제 (2022-07-13): “거래 금액은 8000억 원 안팎인 것으로 알려졌다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.