Woori, HMM, KOBC to buy Polaris in prospective $448 mln deal – report


Polaris Shipping Co. is poised to sell its entire stake at around 600 billion won ($447.5 million) to Woori Private Equity Asset Management Co. and local financial investors, banking sources familiar with the matter said on Wednesday.

Polaris will tap Woori PE as a preferred bidder as early as Sept. 21 and complete the deal by the end of this year, according to sources.

Container line HMM Co. and state-run Korea Ocean Business Corporation (KOBC) will invest 60 billion won and 40 billion won, respectively, while Woori PE will inject the rest of the sales price, said sources.

Polaris’ holding form Polar Energy & Marine Co. holds an 80.5% stake, while a local consortium named Aeneas-NongHyup Private Equity owns 13.6% and Polaris co-CEOs Kim Wan-joong and Han Hee-seung hold the rest of the ownership.

Source: kedglobal.com


Please enter your comment!
Please enter your name here