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[Alpha Biz=(Chicago) Reporter Kim Jisun] HD Korea Shipbuilding & Marine Engineering, an intermediate holding company of HD Hyundai, will acquire STX Heavy Industries, a ship engine manufacturer.
HD Korea Shipbuilding & Marine Engineering said on the 31st that it has signed a main contract with private equity firm Fine Tree Partners, the largest shareholder of STX Heavy Industries, to acquire STX Heavy Industries. HD Korea Shipbuilding & Marine Engineering will spend about 81.3 billion won to secure a 35% stake in STX Heavy Industries and become the largest shareholder of STX Heavy Industries.
STX Heavy Industries sold STX Heavy Industries late last year, and Hanwha, which acquired HD Korea Shipbuilding & Marine Engineering and Daewoo Shipbuilding & Marine Engineering, participated in the preliminary bidding. Since then, Hanwha has turned to acquiring HSD Engine, another ship engine company, and HD Korea Shipbuilding & Marine Engineering has only participated in the main bid in March this year. Negotiations were once suspended due to differences between the two sides during the acquisition process, but negotiations for the acquisition have recently resumed and led to the signing of the contract.
STX Heavy Industries is a small ship engine manufacturer. HD Hyundai Heavy Industries, a subsidiary of HD Korea Shipbuilding & Marine Engineering, has an advantage in large engines, achieving the world's first large engine production of 200 million horsepower in March. For this reason, HD Korea Shipbuilding & Marine Engineering expects to have a variety of ship engine portfolios, ranging from large to medium and small engines, through the acquisition of STX Heavy Industries. STX Heavy Industries has secured eco-friendly engine technologies such as dual-fuel engines, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) engines.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
