Harim and Ssangbangwool Participate in Eastar Jet Acquisition Battle

[Asia Economy Reporter Lim Hye-seon] Harim Group and Ssangbangwool Group are reported to have participated in the acquisition bid for Eastar Jet.

According to the aviation industry on the 1st, the submission of Letters of Intent (LOI) for the acquisition of Eastar Jet, which began on the 17th of last month, closed on the 31st. Ssangbangwool Group's Kwanglim, Harim Group's Pan Ocean, and private equity fund operators submitted LOIs.

Kwanglim, an affiliate of Ssangbangwool Group, is said to have formed a consortium with other group affiliates to acquire Eastar Jet. Pan Ocean, a bulk shipping company affiliated with Harim Group, is also reported to have submitted a letter of intent.

Ssangbangwool Group is analyzed to have entered the acquisition bid to diversify the business of Kwanglim, which manufactures cranes and special vehicles. Harim Group is expected to strengthen its logistics sector by combining shipping and aviation through its subsidiary Pan Ocean.

This sale is conducted under a "stalking horse" method with a conditional prospective buyer. If a bid higher than the price offered by the preferred negotiator in the main bidding is submitted, the acquisition can proceed.

This content was produced with the assistance of AI translation services.