2020.08.05(수)

전체기사

Doosan Group's affiliates may be bundled and sold A potential buyer mulls over an option to bundle affiliates together to secure liquidity

Translated by Kim So-in 공개 2020-04-29 08:00:30

이 기사는 2020년 04월 29일 08:00 더벨 유료페이지에 표출된 기사입니다.

South Korea’s private equity firms are actively discussing various ways to take part in Doosan Group’s restructuring amid heightened attention to the group’s intensive self-rescue plan after receiving a massive bailout from state-run banks.

According to investment banking (IB) industry sources on April 24, Doosan Group has hired Samil PwC to lead a sale process of its affiliate Doosan Solus. An IB industry source said the sale process will be kicked off in earnest in the near term.

With many potential buyers expected to join a race for Doosan Solus, they appear to mull over to come up with differentiated acquisition strategies. Instead of simply taking over an affiliate of the conglomerate, some potential buyers are likely to pitch more effective restructuring plan to the group, including bundling more than one affiliate together to secure liquidity.

Such plan is also positive for Doosan Group to maintain its management rights rather than selling each affiliate separately to overcome the current challenges. In the past, Doosan Group had bundled its affiliates together and received funding from financial investors amid a liquidity crisis.

Doosan Group packaged Doosan DST, bottle cap maker Samhwa Crown, operator of Burger King and KFC SRS Korea and a 20.54 percent stake in Korea Aerospace Industries together in 2009.

The group established a special purpose company Doosan Investment Portfolio (DIP) Holdings to put the four affiliates and assets under its umbrella, and sold 49 percent in the special purpose company to IMM Private Equity and Mirae Asset PE. The deal helped the group keep its management rights while at the same time securing funds.

It is said that a prospective buyer currently is mulling over the option to bundle three or four affiliates together, possibly Doosan Solus, Doosan Construction & Engineering and Doosan PureCell. An IB industry source said that if bundled, the sale process may be carried out at a faster pace than selling affiliates separately.

In the meanwhile, strategic investors and financial investors may join hands to form a consortium to take part in the Doosan Group’s restructuring. Funds specialized in restructuring are reportedly contacting strategic investors. “A concrete restructuring plan has to be made soon in order for debt-saddled Doosan Heavy Industries & Construction to repay its debts set to mature this year. Financial investors specialized in restructuring appear to attract strategic investors as they are aware of creditors’ characteristics and are able to propose efficient restructuring plans,” said a PE industry source.

(By reporter Kim Byung-yoon)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재 및 재배포 금지 >

더벨 서비스 문의

02-724-4104

유료 서비스 안내
(주)더벨
주소서울특별시 중구 무교로 6 (을지로 1가) 금세기빌딩 5층대표/발행인성화용편집인이진우등록번호서울아00483등록년월일2007.12.27 / 제호 : 더벨(thebell)
발행년월일2007.12.30청소년보호관리책임자이현중
문의TEL : 02-724-4100 / FAX : 02-724-4109서비스 문의 및 PC 초기화TEL : 02-724-4103기술 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.