Global Sae-A acquires 90% of SsangYong Engineering & Construction
- Deal value
- —
- Stake
- 90%
- Implied 100%
- —
- Revenue
- $967m
- Op. income
- -$76m
- Multiples
- —
2021 연결 · DART-verified
2021 연결 · DART-verified
DART 20220406002196
- Target
- SsangYong Engineering & Construction · Construction (overseas building & civil)
- Buyer
- Global Sae-A · SI
- Seller
- Investment Corporation of Dubai (ICD)
- Structure
- —
- Announced
- Oct 14, 2022
- Closed
- —
- Stage
- Closed
Target
SsangYong E&C is a construction company known for overseas projects, with 167 projects in 21 countries including Marina Bay Sands in Singapore and Emirates Towers in Dubai. It ranked 33rd in the 2022 construction capability rating (KRW 1.45tn) and had been owned by Dubai's ICD since 2015.
Deal rationale
Global Sae-A said the acquisition is part of its VISION 2025 target of KRW 10tn in revenue and KRW 1tn in operating profit, and that it would combine the group's overseas export and manufacturing know-how with SsangYong E&C, expecting synergies with affiliates such as Sae-A STX Entech (plant) and overseas expansion in Latin America, Malaysia and Singapore. President Kim Ki-myung said the group would strengthen its global market presence and create business opportunities. Reports said the deal combined a purchase of ICD's old shares with a KRW 150bn rights offering in January 2023, so that much of the consideration flowed directly into the company; the company said its debt ratio would fall from over 600% to the mid-200% range.
| Revenue | $967m |
| Operating income | -$76m |
| EBITDA | — |
| Net income | — |
2021 연결 · DART-verified · 20220406002196
Press coverage
- 서울경제 (2022-10-17): “한국시간으로 14일 경영권 매각을 위한 주주간계약(SPA)을 체결했다.”
- 머니투데이 (2022-12-29): “글로벌세아그룹, 쌍용건설 인수 마무리…지분 90% 확보”
- 데일리안 (2022-12-29): “글로벌 시장 영향력을 강화해 다양한 사업 기회를 창출할 것”
- 딜사이트 (2023-04-12): “2021년 1108억원의 영업손실”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.