Woori Private Equity Asset Management / Bailey Private Equity consortium acquires 100% of Hyundai IFC for KRW 339.3bn
- Deal value
- $234m
- Stake
- 100%
- Implied 100%
- $234m
- Revenue
- $364m
- Op. income
- $27m
- Multiples
- EQV/EBIT 8.5xPSR 0.6x
Deal value ÷ stake (structure unconfirmed)
2024 별도 · DART-verified
2024 별도 · DART-verified
On implied equity value
DART 20250321000847
- Target
- Hyundai IFC · Forgings (marine/industrial)
- Buyer
- Woori Private Equity Asset Management / Bailey Private Equity consortium · FI
- Seller
- Hyundai Steel
- Structure
- —
- Announced
- Jan 7, 2026
- Closed
- Feb 27, 2026
- Stage
- Closed
Target
Hyundai IFC, spun off from Hyundai Steel in February 2020, makes forgings for shipbuilding, automotive and defense with annual capacity of 116,000 tons. HD Hyundai Heavy Industries and HD Hyundai Marine Engine account for over 70% of sales; 2024 revenue was KRW 527.3bn, operating profit KRW 39.8bn and EBITDA KRW 66.3bn.
Deal rationale
Hyundai Steel said it sold the non-core asset to overcome the steel downturn and improve its financial structure, noting proceeds could be used to repay borrowings and fund operations. The structure changed from an 80% sale with 20% retained (preferred bidder stage, Sept 2025) to a 100% sale for KRW 339.3bn (SPA, Jan 2026), with Hyundai Steel reinvesting about 20% (around KRW 70bn) as an LP in the acquiring project fund; the consortium reportedly funded the deal entirely with equity.
| Revenue | $364m |
| Operating income | $27m |
| EBITDA | $46m |
| Net income | — |
2024 별도 · DART-verified · 20250321000847
Reported multiples
- EV/EBITDA (press estimate) 4.5x 2024년 EBITDA 663억원 기준, 우선협상 단계(2,000억원 이상, 80% 지분) 논의 가격 source ↗
Press coverage
- 딜사이트 (2026-01-19): “총 거래 금액은 3393억원이다.”
- 비즈니스워치 (2026-08-03): “현대제철은 올해 초 현대IFC의 지분 100%를 3393억원에 매각한 바 있다.”
- 딜사이트 (2026-07-22): “현대제철의 현대IFC 매각(3393억원)”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.