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Biz News Korea(Eng)
Korea’s construction conglomerate Halla Group to add a semiconductor component maker
- Collected
- 2022.04.29
- Distributed
- 2022.04.30
- Source
- Go Direct
According to the investment banking industry, the sellers, Well to Sea Investment and ACPC Private Equity, have chosen Lotus Private Equity as the preferred bidder for a deal to buy a 100 percent stake in Willbe S&T. Halla is a major stakeholder in Lotus PE, and the private equity firm will secure funds mainly from Halla Group to buy Willbe S&T, while affiliate Halla Holdings will participate as a strategic investor.
Lotus PE will kick off due diligence this month to sign on a stock purchase agreement (SPA) worth 190 billion won, according to sources.
Founded in 1987, Willbe S&T produces retainer rings used in chip manufacturing equipment and display components. Well to Sea and ACPC bought its full stake from Kamur Private Equity for 70 billion won in 2019.
Halla Holdings, backed by cash assets of 170 billion won from the conglomerate’s other affiliates auto parts maker Mando and construction firm Halla, has been seeking investment opportunities to advance into new business areas. Last year, its affiliate Weco invested in WCP, which produces separators for lithium-ion secondary batteries. It also injected fund in a deal jointly led by Lotus PE and Cactus PE to buy Korea Asset Private Co. last year.
Halla plans to add Willbe S&T as its affiliated company later to groom it as new growth engine.
Halla Holdings shares were down 0.24 percent at 42,300 won.
By Cho Yoon-hee and Jenny Lee
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