Han & Company to Pursue Public Tender Offer for Ssangyong C&E... Worth 700 Billion KRW

Private equity firm Hanwha & Company (Hanwha & Co) is launching a tender offer for the remaining shares of Ssangyong C&E.

According to the investment banking (IB) industry on the 4th, Hanwha & Co plans to purchase 102,547,560 shares of Ssangyong C&E, listed on the KOSPI, starting from the 5th. This accounts for 20.1% of the total issued shares of Ssangyong C&E. The tender offer price is 7,000 KRW per share, which is 9.2% higher than the closing price on the 2nd (6,410 KRW). The total purchase amount is 701.7829 billion KRW, with NH Investment & Securities as the lead manager.

It is expected that Hanwha & Co will secure all shares of Ssangyong C&E through this tender offer and then proceed with voluntary delisting. Hanwha & Co acquired part of Ssangyong C&E's shares (then Ssangyong Cement Industrial) in 2012, and in 2016, injected additional funds through its first blind fund to acquire management rights. The total investment amount was 1.4375 trillion KRW.

After Hanwha & Co's acquisition, Ssangyong C&E expanded by incorporating Daehan Cement, Hannam Cement, and Daehan Slag as subsidiaries. In 2022, it recorded annual sales of 1.965 trillion KRW and operating profit of 220.8 billion KRW. Operating profit up to the third quarter of last year was 78.4 billion KRW.

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