STIC Investments to invest $627 mln in Iljin Materials Proceeds to be used to build Hungarian plant
Translated by Kim So-in 공개 2021-04-23 14:33:58
이 기사는 2021년 04월 23일 07:24 더벨 유료페이지에 표출된 기사입니다.Iljin Materials, which produces copper foils for rechargeable batteries and printed circuit boards, will receive as much as 700 billion won ($627 million) from Seoul-based private equity (PE) firm STIC Investments.
STIC will inject the money into Iljin Materials' Hungary-based subsidiary IMH Technology to fund the construction of its copper foil production facility there, industry sources said on Wednesday. STIC has recently started its marketing campaign towards institutional investors.
Iljin Materials established its Hungarian subsidiary through its Malaysia-based subsidiary IMM Technology in 2020 to enter the European market. Iljin Materials planned to improve its accessibility through its Hungarian plant given that Europe is the production base of global battery and auto makers. IMM Technology injected 15 billion won at the end of last year to complete the construction within this year.
There are currently only five or six companies in the world that manufacture high-quality copper foil, including Iljin Materials. Iljin Materials had the second largest market share of 9.7% globally in 2019, behind Taiwan-based CCP with 12.9%. SK Group’s affiliate SKC is the third-largest with 7.4%.
Back in 2019, STIC had invested 600 billion won in Iiljin Materials by acquiring convertible bonds issued by IMM Technology. The proceeds were used to expand IMM Technology's plants in Malaysia.
STIC made the previous investment through its Special Situation Fund II, which is also expected to be used for the latest investment along with its co-investment fund.
Once the deal is completed, STIC’s investment in Iljin Material will amount to more than 1 trillion won.
IMM Technology is currently preparing its initial public offering in Korea, mandating Korea Investment & Securities and Shinhan Investment to handle the process. IMM Technology recorded revenue of 150 billion won in 2020, and it is estimated to increase to more than 400 billion won this year. Market insiders expect the company’s valuation to be in the 1 trillion won range. (Reporting by Si-eun Park and Byung-yoon Kim)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재 및 재배포 금지 >
최신뉴스 in 전체기사
- [이베이코리아 M&A]신세계 “네이버와 연합전선 깨져도 딜 완주한다”
- '1년 미투자' 와이얼라이언스인베, 하우스 향방은
- 대륜E&S, 사모채 250억…올해 첫 시장성 조달
- [Market Watch]캐피탈사 회사채로 선제 조달…금리 상승 전 유동성 확보
- [2021 정기 신용평가]뜻밖의 해운업 호황, 어닝서프라이즈에 신용도 개선
- [Market Watch]초대형IB, 한국물로 영역 확장…미래에셋·KB·NH 3파전
- '방산 기대주' 한컴라이프케어, 7월 공모 조준
- [Deal Story]사조산업, 'SPV 지원사격' 공모채 완판…강세 발행은 실패
- 펄어비스, 첫 회사채 발행 추진…게임 이슈어 대열 합류
- 크래프톤, 28조 밸류 고평가?…'근거' 있는 자신감
Translated by Kim So-in 의 다른 기사 보기
더벨 서비스 문의
02-724-4102유료 서비스 안내