A newly established private equity firm Bayside PE was named as the preferred bidder for the acquisition of Welliv, a subsidiary of Daewoo Shipbuilding & Marine Engineering.
According to Korea Development Bank and the lead manager Samjeong KPMG on March 15, Bayside PE was selected as the preferred bidder for the Welliv deal. If the deal with Bayside PE ends in a rupture, Harim Group would be given a chance to acquire Welliv. The food catering operator is expected to be sold at a price of about 70 billion won.
Welliv, founded in 2005, is the 100-percent owned subsidiary of Daewoo Shipbuilding. The company, engaged mainly in food catering and resort business, also runs some expressway service areas and food business.
It posted sales of 221.7 billion won last year, with its operating profit estimated at 12.6 billion won. Some analysts said, “Welliv is one of cash cow assets among those held by Daewoo Shipbuilding. One risk, however, is that it relies heavily on Daewoo subsidiaries.”
South Korea’s top financial regulator will cut reserve requirements by half for insurance firms’ cross-border infrastructure assets from as early as June, paving the way for domestic insurers to boost overseas alternative investments. The Financial Supervisory Service (FSS) is working&hellip
The Government Employees Pension Service (GEPS) has awarded overseas private debt fund mandates for opportunistic strategies to Apollo Global Management and Cerberus Capital Management to invest up to $160 million, according to the South Korean pension fund on March 24.&hellip
HI Investment & Securities Co. Ltd., an affiliate of South Korean shipbuilder Hyundai Heavy Industries Co. Ltd., has established an offshore aircraft leasing company to buy two used Boeing 777-300ER aircraft from a Chinese leasing firm for $209 million, jointly&hellip