Doosan Corp. to acquire 38.7% of Tesna for KRW 460bn
- Deal value
- $317m
- Stake
- 38.7%
- Implied 100%
- $820m
- Revenue
- $143m
- Op. income
- $37m
- Multiples
- EQV/EBIT 22.0xPSR 5.7x
Deal value ÷ stake (structure unconfirmed)
2021 별도 · DART-verified
2021 별도 · DART-verified
On implied equity value
DART 20220321001055
- Target
- Tesna · Semiconductor back-end test (OSAT)
- Buyer
- Doosan Corp. · SI
- Seller
- AI Tree LLC
- Structure
- —
- Announced
- Mar 8, 2022
- Closed
- —
- Stage
- Signed
Target
Tesna is a system-semiconductor back-end (OSAT) test company serving Samsung Electronics and SK hynix, testing APs, CMOS image sensors and RF chips, and ranks first in wafer test share. It posted 2021 revenue of KRW 207.5bn and operating profit of KRW 54bn.
Deal rationale
Doosan said it would develop semiconductors as a portfolio pillar alongside energy and industrial machinery; an official said semiconductors are expected to keep growing strongly across future industries and that Doosan would grow Tesna into Korea's leading back-end company (Aju). The Economist Korea framed it as a move to reduce debt and secure growth after exiting creditor oversight. Seller ACE Equity Partners had acquired control in October 2019 with a fund of about KRW 200bn (Economist, The Fact). Doosan Investment completed the deal on 27 April 2022 and launched Doosan Tesna (Byline Network).
| Revenue | $143m |
| Operating income | $37m |
| EBITDA | — |
| Net income | — |
2021 별도 · DART-verified · 20220321001055
Press coverage
- 이코노미스트 (2022-03-09): “지분 전량을 4600억원에 인수하는 주식매매계약(SPA)을 체결했다.”
- 아주경제 (2022-03-08): “지분 전량(38.7%)을 4600억 원에 인수하는 주식매매계약(SPA)을 체결했다.”
- 더팩트 (2022-02-26): “매각대상은 에이스에쿼티파트너스가 지난 2019년 10월 인수한 테스나 지분 30.62%다”
- 바이라인네트워크 (2022-04-28): “두산테스나 출범… 반도체 후공정 손 뻗는다”
- 이코노미스트 (2022-02-21): “테스나 몸값은 업계 추정 약 4500억원 전후에 이른다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.