Hyundai Heavy Industries Holdings / KDB Investment consortium to acquire 34.97% of Doosan Infracore for KRW 850bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $586m
- Stake
- 34.97%
- Implied 100%
- $1.7bn
- Revenue
- $5.5bn
- Op. income
- $455m
- Multiples
- EQV/EBIT 3.7xPSR 0.3x
Deal value ÷ stake (structure unconfirmed)
2020 연결 · Multiple reports agree
2020 연결 · Multiple reports agree
On implied equity value
- Target
- Doosan Infracore · Construction equipment and engines
- Buyer
- Hyundai Heavy Industries Holdings / KDB Investment consortium · SI
- Seller
- Doosan Heavy Industries & Construction
- Structure
- —
- Announced
- Feb 5, 2021
- Closed
- —
- Stage
- Signed
Target
Doosan Infracore is a KOSPI-listed maker of construction equipment (excavators, wheel loaders) and engines, reported to hold a 3.3% global share (9th) at end-2020 and 43.5% of Korea's excavator market (No.1) in 2018.
Deal rationale
Hyundai Heavy Industries Holdings said it would achieve scale in construction equipment and reach the global top tier through joint R&D and sales synergies, pledging investment in electric excavators and automation and protection of jobs and customer relationships. Per Dailian, Doosan Group used the proceeds to effectively complete its KRW 3tn self-rescue plan agreed with creditors and refocus on clean energy via Doosan Heavy and Doosan Fuel Cell. Preferred bidder Dec 10, 2020; SPA Feb 5, 2021.
| Revenue | $5.5bn |
| Operating income | $455m |
| EBITDA | — |
| Net income | — |
2020 연결 · Multiple reports agree (not yet checked against DART)
Press coverage
- 데일리안 (2021-02-05): “두산중공업이 보유하고 있는 두산인프라코어의 지분 34.97%를 8500억원에 인수한다”
- 아이뉴스24 (2021-02-10): “두산인프라코어의 지분 34.97%를 8천500억원에 인수했다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.