Jaesco Holdings acquires Willings for KRW 30.1bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $21m
- Stake
- —
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- Willings · Solar inverters & power conversion
- Buyer
- Jaesco Holdings · SI
- Seller
- Largest shareholder group
- Structure
- —
- Announced
- May 23, 2022
- Closed
- —
- Stage
- Closed
Target
Willings is a KOSDAQ-listed solar inverter maker focused on large-capacity inverters, including supply for the Saemangeum onshore solar project zones 1-3. Its 2020 revenue was KRW 63.2bn, up 47.5%.
Deal rationale
Jaesco Holdings disclosed in May 2022 that it signed an agreement to buy 1,368,000 shares (24.05%) from largest shareholder Ahn Kang-soon and one other for KRW 30.096bn to enter the renewable energy business (Financial News). The company said it secured management control through the first closing (800,000 shares, KRW 14.6bn, June 2022) and completed the second closing (568,000 shares, KRW 8.496bn) on November 1, 2022, stating that acquiring the remaining shares stabilized control (Edaily). It said it plans synergies with its secondary battery business, including drone batteries and solar energy storage.
Press coverage
- 파이낸셜뉴스 (2022-05-23): “양수도 주식수는 136만8000주, 양수도대금은 300억9600만원이다.”
- 이데일리 (2022-11-01): “제이스코홀딩스, 윌링스 인수 완료…“2차전지·신재생 시너지""
- 윌링스 IR 보도자료 (2021-02-10): “2020년 매출액은 632억 3,893만 원으로 전년대비 47.5% 증가”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.