Harim Group (Pan Ocean) / JKL Partners consortium to acquire 57.9% of HMM for KRW 6.4tn
- Deal value
- $4.4bn
- Stake
- 57.9%
- Implied 100%
- $7.6bn
- Revenue
- $12.8bn
- Op. income
- $6.9bn
- Multiples
- EQV/EBIT 1.1xPSR 0.6x
Deal value ÷ stake (structure unconfirmed)
2022 연결 · DART-verified
2022 연결 · DART-verified
On implied equity value
DART 20230714000061
- Target
- HMM · Container shipping
- Buyer
- Harim Group (Pan Ocean) / JKL Partners consortium · SI
- Seller
- Korea Development Bank / Korea Ocean Business Corporation
- Structure
- —
- Announced
- Dec 18, 2023
- Closed
- —
- Stage
- Announced
Target
HMM (formerly Hyundai Merchant Marine) is Korea's largest container shipping line, operating container and bulk businesses. It reported consolidated 2022 revenue of KRW 18.5868 trillion and operating profit of KRW 9.9455 trillion.
Deal rationale
Harim Group said it would raise global competitiveness through synergies with Pan Ocean, its bulk-shipping affiliate, and develop HMM into a stable national carrier. Harim's statement said HMM and Pan Ocean could form an ideal container-bulk-specialty vessel portfolio. Seller KDB said it planned to close the transaction in the first half of the following year. Reports said Harim narrowly outbid Dongwon Group on price and that its acquisition financing was under KRW 2 trillion.
| Revenue | $12.8bn |
| Operating income | $6.9bn |
| EBITDA | — |
| Net income | — |
2022 연결 · DART-verified · 20230714000061
Press coverage
- 이투데이 (2023-12-18): “인수가는 6조4000억 원 수준으로 알려졌다”
- 쿠키뉴스 (2023-12-19): “하림, HMM 인수 우선협상대상자 선정”
- 인더뉴스 (2023-02-13): “상반기까지 지속된 해운시장 호황에 힘입어 매출과 영업이익 모두 최대치를 찍은 것으로 나타났습니다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.