Global Sae-A acquires 90% of SsangYong Engineering & Construction

SI Industrials Construction (overseas building & civil)
Deal value
—
Stake
90%
Implied 100%
—
Revenue
$967m

2021 연결 · DART-verified

Op. income
-$76m

2021 연결 · DART-verified

Multiples
—

DART 20220406002196

Target
SsangYong Engineering & Construction · Construction (overseas building & civil)
Buyer
Global Sae-A · SI
Seller
Investment Corporation of Dubai (ICD)
Structure
—
Announced
Oct 14, 2022
Closed
—
Stage
Closed

Target

SsangYong E&C is a construction company known for overseas projects, with 167 projects in 21 countries including Marina Bay Sands in Singapore and Emirates Towers in Dubai. It ranked 33rd in the 2022 construction capability rating (KRW 1.45tn) and had been owned by Dubai's ICD since 2015.

Deal rationale

Global Sae-A said the acquisition is part of its VISION 2025 target of KRW 10tn in revenue and KRW 1tn in operating profit, and that it would combine the group's overseas export and manufacturing know-how with SsangYong E&C, expecting synergies with affiliates such as Sae-A STX Entech (plant) and overseas expansion in Latin America, Malaysia and Singapore. President Kim Ki-myung said the group would strengthen its global market presence and create business opportunities. Reports said the deal combined a purchase of ICD's old shares with a KRW 150bn rights offering in January 2023, so that much of the consideration flowed directly into the company; the company said its debt ratio would fall from over 600% to the mid-200% range.

신사업 진출해외 진출구조조정·재무개선
Revenue$967m
Operating income-$76m
EBITDA—
Net income—

2021 연결 · DART-verified · 20220406002196

Press coverage

  • 서울경제 (2022-10-17): “한국시간으로 14일 경영권 매각을 위한 주주간계약(SPA)을 체결했다.”
  • 머니투데이 (2022-12-29): “글로벌세아그룹, 쌍용건설 인수 마무리…지분 90% 확보”
  • 데일리안 (2022-12-29): “글로벌 시장 영향력을 강화해 다양한 사업 기회를 창출할 것”
  • 딜사이트 (2023-04-12): “2021년 1108억원의 영업손실”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.