LX International to acquire 63.3% of Poseung Green Power for KRW 95bn

SI Bio & Healthcare Biomass power generation and district energy
Deal value
$66m
Stake
63.3%
Implied 100%
$104m

Deal value ÷ stake (structure unconfirmed)

Revenue
$40m

2021 별도 · DART-verified

Op. income
$10m

2021 별도 · DART-verified

Multiples
EQV/EBIT 10.4xPSR 2.6x

On implied equity value

DART 20220324000110

Target
Poseung Green Power · Biomass power generation and district energy
Buyer
LX International · SI
Seller
DL Energy
Structure
—
Announced
Apr 19, 2022
Closed
—
Stage
Announced

Target

Poseung Green Power, a DL Energy subsidiary, operates a biomass power plant in the Poseung industrial complex in Pyeongtaek, burning about 250,000 tonnes a year of bio solid fuel and unused wood chips to generate power and supply steam, with long-term REC contracts. 2021 revenue was reported at over KRW 60bn.

Deal rationale

LX International said biomass is less constrained by site conditions than solar or wind and has relatively high generation efficiency, and that it would consider acquiring more assets and expanding into fuel and related areas given stable expected growth (Edaily). It described the business as a stable revenue source, framed in headlines as accelerating diversification.

신사업 진출
Revenue$40m
Operating income$10m
EBITDA—
Net income—

2021 별도 · DART-verified · 20220324000110

Press coverage

  • 이데일리 (2022-04-19): “포승그린파워 지분 전량인 63.3%를 950억원에 인수하는”
  • 한국벤처캐피탈협회 M&A 뉴스레터 (2022-06): “LX인터내셔널, 950억원에 포승그린파워 인수…사업 다각화 속도”

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