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Biz News Korea(Eng)
STIC Investments strong candidate to buy 49% stake in Hanwha S&C’s SI solution
- Collected
- 2017.08.02
- Distributed
- 2017.08.03
- Source
- Go Direct
STIC was chosen over four bidders that competed to purchase a 49 percent stake in SI business division that Hanwha S&C plans to spin off. The Hanwha unit will maintain the other 51 percent stake plus the management right. The stake up for sale is estimated at 280 billion won ($251 million). Citigroup Financial Products Inc. lead-managed the sale.
To accelerate the sell-off and demerger process, Hanwha Group Friday named the preferred choice on the first day it received bids from four candidates H&Q Korea, CVC Capital Partners and PAG, and STIC Investments.
Three sons of Hanswha Group Chairman Kim Seung-youn entirely own Hanwha S&C. Half of its revenue of 875.9 billion won and work come from Hanwha units. Internal work makes up 70 percent of the SI business. The division generated operating profit of 35.1 billion won on revenue of 364.2 billion won last year.
Hanwha can become freer from scrutiny by state regulators for inside trade as the other division is less reliant on internal business.
By Kang Doo-soon and Han Woo-ram
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