Dongbu Construction consortium (Dongbu, Korea Real Estate Trust, NH PE, Opus PE; EcoPrime Marine PEF) acquires 66.85% of Hanjin Heavy Industries (now HJ Shipbuilding & Construction)
- Deal value
- —
- Stake
- 66.85%
- Implied 100%
- —
- Revenue
- $1.2bn
- Op. income
- $36m
- Multiples
- —
2020 연결 · DART-verified
2020 연결 · DART-verified
DART 20210318001041
- Target
- Hanjin Heavy Industries (now HJ Shipbuilding & Construction) · Shipbuilding & construction
- Buyer
- Dongbu Construction consortium (Dongbu, Korea Real Estate Trust, NH PE, Opus PE; EcoPrime Marine PEF) · SI
- Seller
- Creditor shareholder council (KDB and 7 others) / BDO Unibank
- Structure
- —
- Announced
- Apr 15, 2021
- Closed
- —
- Stage
- Closed
Target
Hanjin Heavy Industries (now HJ Shipbuilding & Construction) is a listed shipbuilder (Yeongdo yard, naval and special vessels) and construction company (building, civil, airports) that had been under creditor-led management since 2016. Its shipbuilding segment revenue was KRW 453.6bn in 2020 (26.8% of total).
Deal rationale
Dongbu Construction said it signed the SPA to take equity in an SPC to be formed and joined as a strategic investor expecting synergies in shipbuilding and construction (Toyo Economy). According to NewDaily, the market expected benefits from Hanjin's base in the Busan-Ulsan-Gyeongnam housing market, special construction capabilities such as airports, and new businesses including offshore plants and waste treatment. Sellers were the shareholder council led by KDB with seven other lenders plus the Philippines' BDO bank; the price was undisclosed, and Dongbu reportedly invested KRW 85bn for 38.6% of the consortium (25.8% of shares outstanding).
| Revenue | $1.2bn |
| Operating income | $36m |
| EBITDA | — |
| Net income | — |
2020 연결 · DART-verified · 20210318001041
Press coverage
- 토요경제 (2021-04-16): “한진중공업 보통주 5567만2910주(66.85%) 매매를 체결해”
- 뉴데일리 (2021-09-28): “지난 3일 한진중공업 지분 66.85% 인수를 완료했다”
- 딜사이트 (2021-04-15): “계약금액과 정확한 인수규모는 알려지지 않았다.”
- 더밸류뉴스 (2021-10-23): “한진중공업 조선부문 매출액은 1조7394억원(
15년)에서 4536억원(20년)으로”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.