Hankook Tire & Technology acquires 54.77% of Hanon Systems for KRW 1.82tn

SI Industrials Automotive thermal management components

Deal value: $1.3bn
Stake: 54.77%
Implied 100%: $2.3bn
Revenue: $6.6bn
Op. income: $191m
Multiples: EQV/EBIT 12.0xPSR 0.3x

DART 20240320000500

Target: Hanon Systems · Automotive thermal management components
Buyer: Hankook Tire & Technology · SI
Seller: Hahn & Company
Structure: —
Announced: May 3, 2024
Closed: Jan 3, 2025
Stage: Closed

Target

Automotive thermal management (HVAC) systems supplier founded in 1986 as Halla Climate Control, producing electric compressors and heat pumps at 53 plants in 21 countries. Key customers include Hyundai Motor Group, Ford, Volkswagen, BMW and Mercedes-Benz; the company describes itself as the world's No.2 vehicle thermal management company.

Deal rationale

On closing, Hankook & Company Group said the deal "completes the group's core mobility portfolio of tires, batteries and thermal management" and that it would integrate global sales networks, supply chain management and IT infrastructure (etoday, CEO Score Daily). Seller Hahn & Co had acquired 69.99% of the company with Hankook Tire from Visteon in June 2015 for about KRW 3.8tn (Hahn 50.5%, KRW 2.75tn) and a 2021 sale attempt failed (IB Tomato). The deal closed via new-share subscription on Dec 24, 2024 and purchase of existing shares on Jan 3, 2025.

신사업 진출PE 회수(펀드 만기)

Revenue	$6.6bn
Operating income	$191m
EBITDA	—
Net income	—

2023 연결 · DART-verified · 20240320000500

Press coverage

CEO스코어데일리 (2024-11-04): “한온시스템 인수 본계약인 주식매매계약(SPA)을 사모펀드 운용사 한앤컴퍼니와 체결했다.”
뉴스토마토 (2024-08-23): “한앤코의 한온시스템 보유 지분 25%와 유상증자를 통해 발행되는 신주 12.2%를 총 1조7330억원에 인수하기로 했다.”
시대일보 (2025-01-06): “한국앤컴퍼니그룹이 6일 세계 2위 자동차 열관리 솔루션 기업 한온시스템의 인수를 최종 완료했다고 밝혔다.”
이투데이 (2025-01-06): “타이어·배터리·열관리 등 모빌리티 핵심 포트폴리오를 완성하며 글로벌 하이테크 그룹으로 도약했다”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.