Preliminary bids for Hanon Systems expected soon Heated competition among prospective buyers
Translated by Kim So-in 공개 2021-06-21 07:49:04
이 기사는 2021년 06월 21일 07:45 thebell 에 표출된 기사입니다.
A preliminary round of bidding for global automotive supplier Hanon Systems will be held next week amid heated competition among financial and strategic investors at home and abroad.Morgan Stanley and Evercore, which are managing the sale process, have sent an information memorandum to domestic and foreign potential buyers ahead of the preliminary round of bidding slated for June 22, industry sources said.
South Korea’s LG Group, French auto parts maker Valeo, and German auto parts manufacturer Mahle are understood to have received the information memorandum among strategic investors. Global private equity firms including Bain Capital, Blackstone, KKR, TPG, and Carlyle Group are also said to be weighing up whether to participate in the bidding for Hanon Systems. Given the expected size of the deal, private equity investors may want to team up with a strategic investor, industry watchers said.
LG could be a good fit as a potential suitor of Hanon Systems, considering the conglomerate’s auto electrification ambitions, industry watchers said. The group is reportedly considering whether to form a consortium with Carlyle Group.
Valeo and Mahle are also considered strong candidates as they seek to increase their share in the global vehicle thermal management market. Hanon Systems holds the second largest share in the market behind Japan’s Denso, with Valeo and Mahle being in third and fourth places by a narrow margin.
Hanon Systems is expected to fetch as much as 8 trillion won ($7.1 billion). The company’s market capitalization was 9.5 trillion won as of June 16. The sale will include a 69.9% stake in Hanon Sysetms, 50.5% and 19.49% held by Hahn & Co and Hankook Tire & Technology respectively.
Strategic and financial investors are highly likely to use acquisition financing to finance the deal. Multiple financial institutions are expected to arrange financing to one potential buyer given the deal size, which will lead to heated competition among financial institutions.
“In the Hanon Systems deal, the tension between the seller and potential buyers is particularly high,” said an industry source. “It is known that the seller signed a non-disclosure agreement to induce them not to set up financing before the preliminary round of bidding, which is seen as a move to have a control over the deal by blocking pre-marketing campaigns.” (Reporting by Hee-yeon Han)
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