Hanwha Group (Hanwha Aerospace et al.) to acquire 49.3% of Daewoo Shipbuilding & Marine Engineering (Hanwha Ocean) for KRW 2tn
- Deal value
- $1.4bn
- Stake
- 49.3%
- Implied 100%
- $2.8bn
- Revenue
- $3.1bn
- Op. income
- -$1.2bn
- Multiples
- PSR 0.9x
Deal value ÷ stake (structure unconfirmed)
2021 연결 · DART-verified
2021 연결 · DART-verified
On implied equity value
DART 20220314001167
- Target
- Daewoo Shipbuilding & Marine Engineering (Hanwha Ocean) · Shipbuilding and offshore (commercial and naval)
- Buyer
- Hanwha Group (Hanwha Aerospace et al.) · SI
- Seller
- New share issuance (KDB remains with 28.2%)
- Structure
- —
- Announced
- Dec 16, 2022
- Closed
- —
- Stage
- Signed
Target
Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean), started in 1973 as the Okpo shipyard, builds merchant ships such as LNG carriers, offshore plants and naval vessels (submarines, destroyers, frigates). It posted consolidated 2022 revenue of KRW 4.8602 trillion and an operating loss of KRW 1.6135 trillion.
Deal rationale
Hanwha said the purpose was to lay the foundation to become a global defense company, building an integrated land-sea-air defense system and expanding eco-friendly ships and green energy; a Hanwha official said six weeks of due diligence reconfirmed DSME's technology and workforce. Dailian reported Hanwha's plan for a total LNG and green hydrogen/ammonia value chain from production to transport to power generation. The deal was a KRW 2 trillion third-party rights issue (104,438,643 shares at KRW 19,150) funded by Hanwha Aerospace (KRW 1tn), Hanwha Systems (KRW 500bn), Hanwha Impact Partners (KRW 400bn) and three Hanwha Energy subsidiaries (KRW 100bn). KDB's stated rationale was not reported.
| Revenue | $3.1bn |
| Operating income | -$1.2bn |
| EBITDA | — |
| Net income | — |
2021 연결 · DART-verified · 20220314001167
Press coverage
- 뉴시스 (2022-12-16): “2조원 규모 유상증자에 참여하는 신주인수계약(본계약)을 체결했다고 밝혔다.”
- 파이낸셜뉴스 (2022-12-16): “유상증자 후 한화그룹은 대우조선해양 지분 49.3%를 확보해 최대주주가 된다.”
- 데일리안 (2022-12-16): “2조원을 들여 대우조선 신주 49.3%를 인수해 경영권을 확보하게 됐다.”
- 한경비즈니스 (2023-05-25): “2022년 12월 16일 본계약을 한 지 약 6개월여 만에”
- 메트로경제 (2023-05-08): “2조원 규모 유상증자 대금 납입이 끝나면 한화그룹이 지분 49.3%로 대주주”
- 뉴시스 (2023-05-08): “사업목적에 해운·용선·해상화물 등 추가”
- 메트로신문 (2023-03-06): “지난해 연이은 외부 악재에도 실적 개선을 이끌어냈다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.