Daewoo Shipbuilding

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South Korea's Hanwha inks $1.5bn deal to buy Daewoo Shipbuilding

📅 Date:

🔖 Topics: Acquisition

🏢 Organizations: Hanwha, Daewoo Shipbuilding

Daewoo Shipbuilding, which announced the deal in a regulatory filing Friday, will issue new shares to six Hanwha Group companies through a private placement, giving the group a 49.3% stake to become the largest shareholder. Hanwha Aerospace will invest 1 trillion won and Hanwha Systems, a defense equipment company, will invest 500 billion won. Hanwha, a defense contractor, is looking to expand its scale using Daewoo Shipbuilding’s naval and submarine businesses.

Read more at Nikkei Asia