Baring Private Equity Asia to acquire 54.07% of PI Advanced Materials for KRW 1.27tn (terminated)
- Deal value
- $879m
- Stake
- 54.07%
- Implied 100%
- $1.6bn
- Revenue
- $208m
- Op. income
- $52m
- Multiples
- EQV/EBIT 31.1xPSR 7.8x
Deal value ÷ stake (structure unconfirmed)
2021 별도 · DART-verified
2021 별도 · DART-verified
On implied equity value
DART 20220316000360
- Target
- PI Advanced Materials · Polyimide (PI) film materials
- Buyer
- Baring Private Equity Asia · FI
- Seller
- Glenwood PE (Korea PI Holdings)
- Structure
- —
- Announced
- Jun 7, 2022
- Closed
- —
- Stage
- Terminated
Target
PI Advanced Materials is the world's largest polyimide film maker, supplying PI film for FPCBs, heat-dissipation sheets, displays and EV battery insulation, and expanding into PI varnish for EVs. It posted 2021 revenue of KRW 261.7bn and operating profit of KRW 60bn.
Deal rationale
Seller Glenwood PE had bought a 54% stake from SKC and Kolon Industries in March 2020 for KRW 607bn and sought about KRW 1tn for it in the 2022 sale, with Baring PEA, Solvay and Arkema submitting LOIs (The Fact). Baring PEA agreed in June 2022 to buy 54.07% at KRW 80,300 per share (a 59% premium), KRW 1.275tn in total, then notified withdrawal on 8 December 2022; industry sources pointed to the share price fall (Sidae). No official rationale from Baring was reported; PI Advanced Materials called the termination void and demanded performance.
| Revenue | $208m |
| Operating income | $52m |
| EBITDA | — |
| Net income | — |
2021 별도 · DART-verified · 20220316000360
Press coverage
- 서울경제 (2022-12-30): “1조 2750억 원에 베어링PEA에 매각하기로 하고 6월 주식매매계약을 체결했지만 결국 무산됐다.”
- 뉴스토마토(IB토마토) (2023-07-04): “PI첨단소재 지분 54.07%를 1조2750억원에 인수하기로 계약한”
- 서울경제 (2022-07-22): “PI 첨단 소재를 1조 2750억 원에 인수하기로 했다”
- 더팩트 (2022-05-28): “글랜우드PE는 당시 PI첨단소재 지분 54%를 6070억 원에 인수한 바 있다”
- 시대 (2022-12-11): “지분 54.07%(1587만7400주)를 1조2750억원에 … 12월 8일 인수 철회 통보”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.