KG Group consortium acquires 61.86% of SsangYong Motor (KG Mobility) for KRW 365.5bn
- Deal value
- $252m
- Stake
- 61.86%
- Implied 100%
- $408m
- Revenue
- $1.7bn
- Op. income
- -$180m
- Multiples
- PSR 0.2x
Deal value ÷ stake (structure unconfirmed)
2021 연결 · DART-verified
2021 연결 · DART-verified
On implied equity value
DART 20220427000218
- Target
- SsangYong Motor (KG Mobility) · Automobile (SUV) manufacturing
- Buyer
- KG Group consortium · SI
- Seller
- Rehabilitation company (new shares; prior owner Mahindra)
- Structure
- —
- Announced
- Jun 28, 2022
- Closed
- Nov 11, 2022
- Stage
- Closed
Target
SsangYong Motor is an SUV-focused automaker based in Pyeongtaek that filed for its second court rehabilitation in December 2020; it exited the process in November 2022 and was renamed KG Mobility.
Deal rationale
KG Group Chairman Kwak Jae-sun said after plan approval that SsangYong could be normalized and would show results soon. Aju Business reported KG offered trade creditors (suppliers) repayment in shares for a long-term partnership and entered the bid considering supplier relations. Court administrator Chung Yong-won said the higher price and lower required stake raised recovery rates. The KRW 365.5bn was used to repay secured and tax claims in full and part of other claims.
| Revenue | $1.7bn |
| Operating income | -$180m |
| EBITDA | — |
| Net income | — |
2021 연결 · DART-verified · 20220427000218
Press coverage
- 위성경제 (2022-08-29): “KG그룹의 인수대금 3655억원은 회생담보권과 조세채권을 100%로 상환하는데 쓰이고”
- 아주경제 (2022-06-29): “유상증자 금액은 3354억9000만원에 그치며”
- 뉴데일리경제 (2022-11-11): “서울회생법원은 이날 쌍용차의 기업회생절차 종결 신청을 승인했다.”
- 딜사이트 (2022-01-25): “쌍용차는 현재 부채가 자산보다 602억원가량 많아 자본이 전액 잠식된 상태다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.