Edison Motors consortium to acquire 95% of SsangYong Motor for KRW 304.8bn (terminated)

SI Industrials Automobile manufacturing (SUV)
Deal value
$210m
Stake
95%
Implied 100%
$221m

Deal value ÷ stake (structure unconfirmed)

Revenue
$2.0bn

2020 연결 · DART-verified

Op. income
-$310m

2020 연결 · DART-verified

Multiples
PSR 0.1x

On implied equity value

DART 20210323000883

Target
SsangYong Motor · Automobile manufacturing (SUV)
Buyer
Edison Motors consortium · SI
Seller
SsangYong Motor (court receivership; new share issuance)
Structure
—
Announced
Oct 20, 2021
Closed
—
Stage
Terminated

Target

SsangYong Motor is an SUV-focused automaker that filed for court rehabilitation in December 2020 after majority owner Mahindra halted further investment; it posted a KRW 446bn operating loss in 2020 and was in complete capital impairment.

Deal rationale

Edison Motors chairman Kang Young-kwon said that after the acquisition the company would launch 10 new EV models by 2022, 20 by 2025 and 30 by 2030, and that the purchase price would repay much of SsangYong's debt (Dailian). According to Bizwatch, the KRW 304.8bn was to be paid in as new equity and used to repay debt, while a separate KRW 50bn operating loan was described by Edison as funds needed for a fast turnaround. In March 2022 the investment agreement was terminated after the Edison consortium failed to deposit the KRW 274.3bn balance on time.

회생·채권단 매각신사업 진출
Revenue$2.0bn
Operating income-$310m
EBITDA—
Net income—

2020 연결 · DART-verified · 20210323000883

Press coverage

  • 데일리안 (2022-01-10): “애초보다 51억원 삭감된 3048억원으로 합의가 이뤄졌다”
  • 비즈니스워치 (2022-01-11): “인수대금 3048억원을 투입해 쌍용차 지분 95% 가량을 확보할 것으로 전망된다”
  • 비즈한국 (): “4460억3600만원 영업손실과 5032억6500만원의 당기순손실이 발생”
  • 서울신문 (2022-03-28): “쌍용차 “에디슨모터스와 M&A 계약해제""

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