Doosan Solus sale picks up speed Doosan Group has received LOI from potential buyers
Translated by Kim So-in 공개 2020-05-19 08:00:20
이 기사는 2020년 05월 19일 08:00 thebell 에 표출된 기사입니다.
Debt-ridden Doosan Group is accelerating the sale of its cash-cow unit Doosan Solus as part of the group’s self-restructuring plan.Doosan Group and Samil PwC, the manager of the sale, have received letters of intent (LOI) from prospective buyers last week, sources familiar with the matter said on May 15. Potential buyers, who submitted their LOI, have reportedly signed a non-disclosure agreement and have started conducting their due diligence. Doosan Group wants an enterprise value of around 1.5 trillion won for Doosan Solus based on the growth potential of its battery copper foil business.
It is said that the sale process has garnered keen attention from the market, with major financial investors including Kohlberg Kravis Roberts (KKR), Carlyle, Texas Pacific Group (TPG) and Baring Private Equity Asia have reportedly joined the race. South Korean private equity firm SkyLake Investment, which was in negotiation with the seller in a private deal still has interest in the company, private equity industry sources said.
LG Group and Lotte Group are among strategic investors who are likely to participate in the deal. South Korea's top secondary battery maker LG Chem is expected to create synergies with Doosan Solus’ newly established subsidiary in Hungary. Doosan Solus recently completed Doosan Energy Solution with an annual production capacity of 10,000 tons in Hungary, readying to expand its production. Lotte Group, which joined a deal to acquire Japanese chemical manufacturer Hitachi Chemical last year, also reportedly has strong interest in Doosan Solus.
The group is expected to complete the sale of Doosan Solus swiftly to keep its self-rescue plan on track, investment banking industry sources said. Separately, Doosan Group is in talks to sell its real estate asset Doosan Tower to Mastern Investment Management. The group has also decided to skip its dividend payouts in the first quarter.
It remains to be seen how many of prospective buyers who submitted their LOI will participate in the final bid amid a tight schedule. “The schedule for the sale is too tight to conduct due diligence on assets abroad including its subsidiary in Hungary due to the COVID-19 pandemic. It will be hard for [potential buyers] to decide whether they will complete the race if they aren’t able to conduct thorough due diligence,” an industry source said.
(By reporter Jo Se-hun)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 한국타이어앤테크놀로지, 한온시스템 인수한다
- [수술대 오른 커넥트웨이브]2대주주 지분매입 나선 MBK, 주식교환 카드 꺼냈다
- [이사회 모니터]이재용 에이비프로바이오 대표, 바이오·반도체 신사업 '드라이브'
- 와이투솔루션, 주인 바뀌어도 '신약' 중심엔 美 합작사 '룩사'
- 아이티센, 부산디지털자산거래소 본격 출범
- 아이에스시, AI·데이터센터 수주 증가에 '날개'
- [이사회 모니터]서정학 IBK증권 대표, ESG위원회도 참여 '영향력 확대'
- SW클라우드 '10주년' 폴라리스오피스, “초격차 밸류업”
- 큐브엔터, 우량기업부 승격 "재무·실적 등 반영"
- 굿닥, 삼성생명과 헬스케어 마케팅 '맞손'