Kumho Petrochemical / Kumho P&B Chemicals acquires 100% of Kumho Resort for KRW 255.4bn
- Deal value
- $176m
- Stake
- 100%
- Implied 100%
- $176m
- Revenue
- $35m
- Op. income
- -$8m
- Multiples
- PSR 5.0x
Deal value ÷ stake (structure unconfirmed)
2020 별도 · DART-verified
2020 별도 · DART-verified
On implied equity value
DART 20210405002332
- Target
- Kumho Resort · Golf course and resort operations
- Buyer
- Kumho Petrochemical / Kumho P&B Chemicals · SI
- Seller
- Asiana Airlines and Kumho Asiana affiliates
- Structure
- —
- Announced
- Jan 20, 2021
- Closed
- Mar 31, 2021
- Stage
- Closed
Target
Kumho Resort, formerly a Kumho Asiana Group affiliate, operated the 36-hole membership course Asiana Country Club in Yongin, four condominiums (Tongyeong, Hwasan, Seorak, Jeju), three water parks (Asan, Hwasun, Jeju) and the Weihai Point Resort in China. It posted a 2019 operating loss of KRW 3.7 billion and net loss of KRW 32.5 billion.
Deal rationale
After being named preferred bidder on 20 January 2021, Kumho Petrochemical completed the purchase of 100% of Kumho Resort for KRW 255.4 billion on 31 March 2021 (Kumho Petrochemical KRW 175.4 billion/66.7%, Kumho P&B Chemicals KRW 80 billion/33.3%), saying it would deploy experts recruited inside and outside the group to normalize operations and improve the financial structure (SBS Biz). Dailian reported Chairman Park Chan-koo's New Year call to actively seek new growth momentum, with analysts viewing the deal as diversification beyond petrochemicals and energy. Seller Asiana Airlines was reported to be pursuing the sale to prepare for liquidity risk and bolster capital ahead of its merger with Korean Air. Selling shareholders were Kumho T&I 48.8%, Asiana IDT 26.8%, Asiana Airport 14.6% and Asiana Sabre 10%.
| Revenue | $35m |
| Operating income | -$8m |
| EBITDA | — |
| Net income | — |
2020 별도 · DART-verified · 20210405002332
Press coverage
- SBS Biz (2021-03-31): “금호석화는 금호리조트 지분 2554억원어치를 모두 매입하고 인수를 오늘 매듭짓습니다.”
- 데일리안 (2021-01-21): “금호리조트 매각 우선협상대상자로 2대 주주인 금호석유화학을 선정했다고 밝혔다”
- 데일리안 (2020-12-15): “금호석화 등 6곳 이상 예비입찰 참여…인수전 흥행 선방”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.