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Biz News Korea(Eng)
Keystone PE vs. SM Group in bid for DSME’s construction unit
- Collected
- 2017.06.10
- Distributed
- 2017.06.12
- Source
- Go Direct
According to the investment banking (IB) industry Friday, three bids were registered for DSME Construction Co. that closed Wednesday. They are Keystone PE, SM Group and Daemyung Construction Co. Ium PE advising the sales will select a preferred bidder based on the bid price, fund-raising scheme, and management capacity in hopes to seal a deal by August.
Earlier this year, DSME tapped a consortium consisting of midsize Korean construction firm Bumyang Construction Co. and private equity firm JKL Partners Inc. as an eligible buyer for the construction unit for around 18 billion won ($16.01 million). The deal did not go through.
Keystone PE has earned credentials for turning around distressed companies such as Dongbu Corp. and DSEC Co.
SM Group which has been rapidly expanding through mergers and acquisitions is another strong candidate. Since the early 2000s, SM Group has bought struggling mid-sized constructors such as Woobang, Sungwoo and Dongah, enlarging its assets to 4.5 trillion won equivalent to a level of a business group ranking in the top 50 overall in Korea.
By Moon Ji-woong
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