KDB Investment to receive binding offers for Daewoo E&C Sale process gains momentum with several investors interested in construction firm
Translated by Ryu Ho-joung 공개 2021-06-15 08:18:18
이 기사는 2021년 06월 15일 08:14 thebell 에 표출된 기사입니다.
The sale process of Daewoo E&C is gaining momentum, with KDB Investment, the investment arm of Korea Development Bank (KDB), expected to receive binding offers for its 50.75% stake in the construction firm later this month.KDB’s mergers and acquisitions division and BoA Securities, which are managing the sale, have set the deadline for submitting binding offers by June 25, industry sources said.
Prospective buyers interested in acquiring Daewoo E&C include mid-sized builder Jungheung Construction, a consortium led by property developer DS Networks, Seoul-based private equity firm Hahn & Co and the United Arab Emirates-based sovereign wealth fund Abu Dhabi Investment Authority.
The DS Networks consortium, which includes homegrown private equity firm SkyLake Equity Partners and UK-based investment firm IPM Group, is said to be preparing an offer with Morgan Stanley as its adviser.
With the builder receiving sufficient interest from potential buyers, some expected the seller to hold a public auction. But KDB Investment and its advisers have decided to privately negotiate with individual buyers.
“As most of the interested firms seem to be serious potential buyers, (the seller) has seemingly placed more weight on negotiating price and terms with willing and capable suitors than expanding the pool of potential buyers,” said an industry insider.
“There's also a possibility that the deadline for binding offers might be delayed by about a week if there is a request from some of the potential buyers who have yet to decide on whether they will submit offers,” the insider added.
Another industry insider said, “(The seller) is also likely to open to offers from other potential buyers as the sale will proceed privately, not through an auction.”
Potential buyers of Daewoo E&C are said to be conducting due diligence with a focus on the builder’s overseas projects. In 2017 Hoban Construction was named as the preferred buyer, but ultimately withdrew from the deal because of concerns over contingent liabilities related to the company’s overseas contracts.
The seller is expected to pick the preferred buyer and enter into exclusive negotiations as early as July. (Reporting by Seon-young Kim)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- [저축은행 유동성 진단]신한저축, 최하위 유동성비율 개선책 신규 '예치금'
- 디딤이앤에프, 신규 브랜드 2종 론칭 '매출 확장'
- 대동모빌리티, S-팩토리 자가용 태양광 발전소 준공
- '벼랑 끝 격돌' 대유위니아 vs 홍원식, 전부 걸었다
- [ICTK road to IPO]경쟁자 없는 '차세대 보안칩', 2000억 후반 밸류 '정조준'
- CG인바이츠, 화일약품 지원 축소 11년 동행 '선긋기'
- [K-바이오 클러스터 기행|대전]대전 바이오 구심점, 20년 역사 바이오헬스케어협회
- 코인원, 이용규 CPO 영입…신규 서비스 출시 속도
- [코스닥 코스메틱 리뉴얼]마스크팩 잘나가던 지피클럽, 색조화장 '코디 인수'
- [K-배터리 밸류업 리포트]'오너 경영체제' 원준, 승계작업 '언제쯤'