Edison Motors consortium to acquire 95% of SsangYong Motor for KRW 304.8bn (terminated)
- Deal value
- $210m
- Stake
- 95%
- Implied 100%
- $221m
- Revenue
- $2.0bn
- Op. income
- -$310m
- Multiples
- PSR 0.1x
Deal value ÷ stake (structure unconfirmed)
2020 연결 · DART-verified
2020 연결 · DART-verified
On implied equity value
DART 20210323000883
- Target
- SsangYong Motor · Automobile manufacturing (SUV)
- Buyer
- Edison Motors consortium · SI
- Seller
- SsangYong Motor (court receivership; new share issuance)
- Structure
- —
- Announced
- Oct 20, 2021
- Closed
- —
- Stage
- Terminated
Target
SsangYong Motor is an SUV-focused automaker that filed for court rehabilitation in December 2020 after majority owner Mahindra halted further investment; it posted a KRW 446bn operating loss in 2020 and was in complete capital impairment.
Deal rationale
Edison Motors chairman Kang Young-kwon said that after the acquisition the company would launch 10 new EV models by 2022, 20 by 2025 and 30 by 2030, and that the purchase price would repay much of SsangYong's debt (Dailian). According to Bizwatch, the KRW 304.8bn was to be paid in as new equity and used to repay debt, while a separate KRW 50bn operating loan was described by Edison as funds needed for a fast turnaround. In March 2022 the investment agreement was terminated after the Edison consortium failed to deposit the KRW 274.3bn balance on time.
| Revenue | $2.0bn |
| Operating income | -$310m |
| EBITDA | — |
| Net income | — |
2020 연결 · DART-verified · 20210323000883
Press coverage
- 데일리안 (2022-01-10): “애초보다 51억원 삭감된 3048억원으로 합의가 이뤄졌다”
- 비즈니스워치 (2022-01-11): “인수대금 3048억원을 투입해 쌍용차 지분 95% 가량을 확보할 것으로 전망된다”
- 비즈한국 (): “4460억3600만원 영업손실과 5032억6500만원의 당기순손실이 발생”
- 서울신문 (2022-03-28): “쌍용차 “에디슨모터스와 M&A 계약해제""
This is a data entry summarising filings and press reports. Please check the original sources for the figures.