Hanwha Aerospace to acquire 30% of Satrec Initiative for KRW 108.9bn
- Deal value
- $75m
- Stake
- 30%
- Implied 100%
- $250m
- Revenue
- $62m
- Op. income
- $9m
- Multiples
- EQV/EBIT 26.5xPSR 4.1x
Deal value ÷ stake (structure unconfirmed)
2020 연결 · DART-verified
2020 연결 · DART-verified
On implied equity value
DART 20210315000221
- Target
- Satrec Initiative · Small satellites and satellite imaging systems
- Buyer
- Hanwha Aerospace · SI
- Seller
- —
- Structure
- —
- Announced
- Jan 13, 2021
- Closed
- —
- Stage
- Announced
Target
Satrec Initiative, founded in 1999 by developers of Korea's first satellite Uribyol-1, is a KOSDAQ-listed small-satellite company and the only Korean firm able to develop and manufacture satellite buses, ground systems and electro-optical payloads in-house. Exports exceed 90% of revenue; 2019 revenue was KRW 70.2bn with operating profit of KRW 9.2bn.
Deal rationale
A Hanwha Aerospace official said the company was investing in a firm with core technology in the promising space satellite industry to build satellite development capability and secure a technology lead over the medium to long term (Dailian). BizWatch reported the purpose as expanding into the satellite business, and Satrec disclosed that Hanwha would support current management's independent operation. The structure was a KRW 59bn third-party rights issue (KRW 32,426/share, ~20%) plus KRW 50bn of CBs (conversion price KRW 38,219) for about 30% upon conversion. Money Today noted the deal followed Chairman Kim Seung-youn naming space a future growth engine.
| Revenue | $62m |
| Operating income | $9m |
| EBITDA | — |
| Net income | — |
2020 연결 · DART-verified · 20210315000221
Press coverage
- 비즈니스워치 (2021-01-19): “신주 취득에 589억원, 전환사채 취득에 500억원 총 1089억원을 쓸 예정”
- 머니투데이 (2021-02-25): “전환사채(500억원) 취득을 통해 최종적으로 30까지 지분을 늘린다는 방침이다”
- 데일리안 (2021-01-13): “미래 성장이 기대되는 우주 위성산업 관련 핵심기술을 보유한 기업에 투자하는 것”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.