Macquarie nears deal for industrial gas suppliers owned by Glenwood PE Haeyang Energy and Seorabeol City Gas expected to fetch more than $714 million

Translated by Ryu Ho-joung 공개 2021-05-10 08:27:19

이 기사는 2021년 05월 10일 08:05 더벨 유료페이지에 표출된 기사입니다.

Macquarie Korea Asset Management (MKAM) is nearing a deal to buy two industrial gas suppliers owned by Glenwood Private Equity (Glenwood PE), according to industry sources.

MKAM is close to finalizing a deal for a 100% stake in special purpose company Korea Energy Holdings, which was set up by Glenwood PE and owns Haeyang Energy and Seorabeol City Gas. The deal could be signed soon, sources said.

The deal is said to value the two industrial gas suppliers at more than 800 billion won ($714 million). The exit would generate a nearly 200 billion won profit for Glenwood PE in just two and a half years.

Glenwood PE acquired Haeyang Energy, formerly known as Haeyang City Gas, and Seorabeol City Gas from GS Energy at the end of 2018 for 616 billion won. MKAM was among other bidders pursuing the companies, although its bid was unsuccessful.

Haeyang Energy and Seorabeol City Gas were the first investment made from Glenwood PE’s first blind-pool fund, which closed in 2018 with capital commitments totaling 453.7 billion won. The fund’s other investments include Hankuk Glass Industries and PI Advanced Materials, formerly known as SKC Kolon PI.

The two companies’ ability to generate stable cash flows and growth prospects attracted MKAM, sources said. They both have exclusive operating areas. Haeyang Energy supplies gas in Gwang-ju and part of South Jeolla Province, while Seorabeol City operates in Gyeong-ju and Yeongcheon, cities in North Gyeongsang Province. The demand for gas is also on the rise with the increase in one-person households.

MKAM is expected to fund half the acquisition with debt. It has reportedly started marketing to banks and securities firms. (Reporting by Si-eun Park)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재 및 재배포 금지 >

더벨 서비스 문의


유료 서비스 안내
주)더벨 주소서울특별시 중구 무교로 6 (을지로 1가) 금세기빌딩 5층대표/발행인성화용 편집인이진우 등록번호서울아00483
등록년월일2007.12.27 / 제호 : 더벨(thebell) 발행년월일2007.12.30청소년보호관리책임자김용관
문의TEL : 02-724-4100 / FAX : 02-724-4109서비스 문의 및 PC 초기화TEL : 02-724-4102기술 및 장애문의TEL : 02-724-4159

더벨의 모든 기사(콘텐트)는 저작권법의 보호를 받으며, 무단 전재 및 복사와 배포 등을 금지합니다.

copyright ⓒ thebell all rights reserved.