South Korean liner operator SM Line is part of a consortium that is bidding to acquire Hanjin Heavy Industries as the bidding process reaches its final stages.
According to local media there are three consortia remaining in the race to acquire the shipbuilder, including the Korea Development Bank (KDB) Investment with Keistone Partners, SM Line consortium, and NH Private Equity group with Opus Private Equity consortium and the Korea Real Estate Investment & Trust (KOREIT).
According to Pulse, a Korean online publication, “The strongest candidate reportedly is the consortium of NH PE, Opus PE, and KOREIT, that partnered up after launching a separate takeover bid in the preliminary tender.”
The three consortia are bidding for an 83.45% stake in Hanjin Heavy Industries & Construction at a sale price of an estimated KRW600 billion (US$548.5 million) with the price of Hanjin HI shares trading at KRW8,060 at the close of trading today on the KRX.
Samil PwC and Korea Development Bank’s M&A division, are co-lead advisors for the sale and they received bids from the three consortia on 14 December. A decision is due to be announced next week.
