SK Shipping’s full sale on the Horizon as Hahn & Company seeks buyers
Hahn & Company is considering the full sale of SK Shipping, a transaction valued at approximately 4 trillion won . The private equity firm has appointed Morgan Stanley to assist in the sale of SK Shipping’s management rights, marking a crucial step in the potential divestment of the shipping giant.
Hahn & Company, which acquired a 79% stake in SK Shipping from SK Group in October 2018 for approximately 1.5 trillion won, has been actively restructuring the company. Since taking over, Hahn & Company has disposed of nearly 30 bulk carriers, streamlining SK Shipping’s operations and making it a more attractive asset for potential buyers.
Last year, Hahn & Company selected the American investment bank Evercore as the lead manager for the sale of SK Shipping’s tanker fleet and had been in contact with potential buyers. This move was part of a broader strategy to enhance the company’s value and prepare it for a potential sale. SK Shipping’s financial performance has significantly improved under Hahn & Company’s ownership, with revenue reaching 1.8865 trillion won and operating profit soaring to 367.1 billion won last year, a nearly fivefold increase from 73.3 billion won in 2018.
According to the investment banking (IB) industry on Oct. 28, Morgan Stanley has recently begun securing potential buyers for SK Shipping. A senior official in the IB industry stated, “Morgan Stanley has begun to secure potential buyers,” adding, “Although the official Information Memorandum (IM) has not yet been sent out, it appears that they are in the tapping stage for the overall sale process, including the full sale.”
The official further explained, “The current estimated value of SK Shipping in the industry is up to 4 trillion won, making it a mega-deal, and securing buyers is not an easy task. The option of a split sale remains valid after the tapping stage.” This indicates that while a full sale is being considered, the possibility of selling SK Shipping in parts is also on the table, depending on buyer interest and market conditions.
Source: Business Korea
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