Doosan Corp. to acquire 38.7% of Tesna for KRW 460bn

SI Semiconductors Semiconductor back-end test (OSAT)
Deal value
$317m
Stake
38.7%
Implied 100%
$820m

Deal value ÷ stake (structure unconfirmed)

Revenue
$143m

2021 별도 · DART-verified

Op. income
$37m

2021 별도 · DART-verified

Multiples
EQV/EBIT 22.0xPSR 5.7x

On implied equity value

DART 20220321001055

Target
Tesna · Semiconductor back-end test (OSAT)
Buyer
Doosan Corp. · SI
Seller
AI Tree LLC
Structure
—
Announced
Mar 8, 2022
Closed
—
Stage
Signed

Target

Tesna is a system-semiconductor back-end (OSAT) test company serving Samsung Electronics and SK hynix, testing APs, CMOS image sensors and RF chips, and ranks first in wafer test share. It posted 2021 revenue of KRW 207.5bn and operating profit of KRW 54bn.

Deal rationale

Doosan said it would develop semiconductors as a portfolio pillar alongside energy and industrial machinery; an official said semiconductors are expected to keep growing strongly across future industries and that Doosan would grow Tesna into Korea's leading back-end company (Aju). The Economist Korea framed it as a move to reduce debt and secure growth after exiting creditor oversight. Seller ACE Equity Partners had acquired control in October 2019 with a fund of about KRW 200bn (Economist, The Fact). Doosan Investment completed the deal on 27 April 2022 and launched Doosan Tesna (Byline Network).

신사업 진출PE 회수(펀드 만기)
Revenue$143m
Operating income$37m
EBITDA—
Net income—

2021 별도 · DART-verified · 20220321001055

Press coverage

  • 이코노미스트 (2022-03-09): “지분 전량을 4600억원에 인수하는 주식매매계약(SPA)을 체결했다.”
  • 아주경제 (2022-03-08): “지분 전량(38.7%)을 4600억 원에 인수하는 주식매매계약(SPA)을 체결했다.”
  • 더팩트 (2022-02-26): “매각대상은 에이스에쿼티파트너스가 지난 2019년 10월 인수한 테스나 지분 30.62%다”
  • 바이라인네트워크 (2022-04-28): “두산테스나 출범… 반도체 후공정 손 뻗는다”
  • 이코노미스트 (2022-02-21): “테스나 몸값은 업계 추정 약 4500억원 전후에 이른다”

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