Hyundai Motor & Kia acquires 93.2% of 42dot for KRW 427.7bn
- Deal value
- $295m
- Stake
- 93.2%
- Implied 100%
- $317m
- Revenue
- $0m
- Op. income
- -$22m
- Multiples
- PSR 1147.3x
Deal value ÷ stake (structure unconfirmed)
2021 별도 · DART-verified
2021 별도 · DART-verified
On implied equity value
DART 20220331002442
- Target
- 42dot · Autonomous-driving software
- Buyer
- Hyundai Motor & Kia · SI
- Seller
- CEO Song Chang-hyun and other shareholders
- Structure
- —
- Announced
- Aug 20, 2022
- Closed
- —
- Stage
- Closed
Target
42dot, founded in 2019, develops autonomous-driving and shared-vehicle software, pursuing software-centric, lidar-free autonomy (aTaaS). Founder Song Chang-hyun is a former Naver CTO and head of Naver Labs.
Deal rationale
According to Asia Economy, Hyundai Motor Group brought 42dot in as an affiliate as part of building a global software center; Hyundai Motor acquired 2,129,160 shares (55.9%) for KRW 274.66bn and Kia 1,186,106 shares (37.3%) for KRW 153.01bn. Reports linked the deal to the group's shift to a software-defined vehicle (SDV) development system, with plans reported to fold the group's autonomous driving unit, TaaS division and AI unit AIRS Company into 42dot. Financial investors (IMM Investment, Daol Investment, Stic Ventures, POSCO Technology Investment) reportedly exited after about a year at 1.3x to 2x.
| Revenue | $0m |
| Operating income | -$22m |
| EBITDA | — |
| Net income | — |
2021 별도 · DART-verified · 20220331002442
Press coverage
- 머니투데이방송 (2022-08-20): “4277억원(현대차 2747억원, 기아 1530억원)을 들여 자율주행 벤처기업 포티투닷을 인수했다.”
- 아시아경제 (2022-12-05): “2746억6200만원에 취득해 지분율 55.9%를, 기아차는118만6106주를 1530억800만원에”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.