이 기사는 2020년 05월 19일 08:00 더벨 유료페이지에 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)