Hanwha Group buys HSD Engine

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Hanwha Group will acquire ship engine maker HSD Engine in a move to shore up its shipbuilding unit following the conglomerate’s takeover late last year of Daewoo Shipbuilding & Marine Engineering Co. (DSME).

Hanwha Impact, a subsidiary of Hanwha Energy, on Thursday signed a memorandum of understanding to acquire a 33% stake in HSD Engine for 226.9 billion won ($175.9 million) comprising 19% held by major shareholders and 14% in new stock after a capital increase through new share issuance. After due diligence, the main contract will be concluded in April and the acquisition will be completed in the third quarter after review of the merger’s approval.

Source: kedglobal.com

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