Keywest Global Asset Management (planned private trust) to acquire 17.29% of EM Korea for KRW 34.1bn (terminated)
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $24m
- Stake
- 17.29%
- Implied 100%
- $136m
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- EM Korea · Machine tools and defense component machining
- Buyer
- Keywest Global Asset Management (planned private trust) · FI
- Seller
- Largest shareholder Kang Sam-soo
- Structure
- —
- Announced
- Jul 22, 2024
- Closed
- —
- Stage
- Terminated
Target
EM Korea is a KOSDAQ-listed manufacturer that started in machine tools and parts and now also does defense/aerospace component machining for Hyundai Wia, Hanwha Defense and KAI, plus power-plant equipment and tunnel boring machines; defense/aerospace made up 50.6% of 2022 revenue of KRW 95.5bn.
Deal rationale
Largest shareholder Kang Sam-su agreed to sell his entire 17.29% stake at KRW 4,350 per share (53.7% premium to the signing-day close), KRW 34.1bn in total, to Keywest Global Asset Management, with a KRW 22bn new-share issue taking the buyer to 31.07%. After two postponements the balance was not paid on the third due date, 11 December 2024, and the contract was terminated along with the KRW 22bn third-party placement; reports said the buyer had difficulty raising funds.
Press coverage
- 스마트투데이 (2024-07-22): “최대주주 강삼수가 지분 17.29%를 키웨스트글로벌자산운용에 341억원을 받고 매각키로 했다고 22일 공시했다.”
- 딜사이트 (2024-12-18): “하지만 이달 11일 키웨스트글로벌자산운용과의 주식 양수도 계약이 해지되면서 유상증자 역시 철회됐다.”
- 스마트투데이 (2024-12-17): “잔금 지급이 미뤄지다 지난 11일 최종 무산됐다.”
- SK증권 기업리포트(2024-05) (2024-05-08): “2023년 매출액 1,022억원, 영업이익 9억원 (영업실적 및 투자지표 표)”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.