KHI–Korea Investment PE–SG PE consortium acquires 95% of Daehan Shipbuilding for KRW 200bn
- Deal value
- $138m
- Stake
- 95%
- Implied 100%
- $145m
- Revenue
- $501m
- Op. income
- -$82m
- Multiples
- PSR 0.3x
Deal value ÷ stake (structure unconfirmed)
2021 별도 · DART-verified
2021 별도 · DART-verified
On implied equity value
DART 20220331000538
- Target
- Daehan Shipbuilding · Shipbuilding (mid-size tankers)
- Buyer
- KHI–Korea Investment PE–SG PE consortium · SI
- Seller
- DSME (KDB-controlled)
- Structure
- —
- Announced
- Aug 31, 2022
- Closed
- Aug 31, 2022
- Stage
- Closed
Target
Daehan Shipbuilding, founded in 2004, builds product/crude tankers, shuttle tankers, bulk carriers and training ships at its Haenam yard in Jeonnam, and won the presidential export award three years running (2019-2021). After exiting rehabilitation in 2015 it was under creditor management with a normalization agreement with KDB.
Deal rationale
Economist reported that Daehan Shipbuilding had been restructuring under creditor management since exiting rehabilitation in 2015, and that the KRW 200bn investment agreement with the KHI consortium on 2022-05-20 brought in a new investor, improved its finances and concluded the restructuring. Hankyung reported the deal used a stalking-horse process, with preferred bidder KHI paying the balance to complete the 95% acquisition on 2022-08-31. Korea Investment PE and SG PE joined as financial investors; KHI had earlier acquired K Shipbuilding (formerly STX Offshore & Shipbuilding).
| Revenue | $501m |
| Operating income | -$82m |
| EBITDA | — |
| Net income | — |
2021 별도 · DART-verified · 20220331000538
Press coverage
- 한국경제 (2022-08-31): “지분 95%를 약 2000억원에 인수 완료”
- 한국경제 (2022-05-20): “인수금액은 2000억원이며 계약 당일 10%의 계약금 납입을 완료했다.”
- 이코노미스트 (2022-05-20): “대한조선은 2015년 회생절차를 종료한 뒤 산업은행과 경영정상화 약정을 맺고 채권단 관리하에 구조조정을 진행해왔다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.