Hoban Construction Co., Ltd. was selected as the preferred bidder to acquire 40% stake in Daewoo Engineering & Construction Co., Ltd. (KOSE:A047040) from Korea Development Bank on January 23, 2018. As per the terms, Hoban Construction will acquire first 40% stake out of the 50.7% stake for cash and and take over the remaining 10.75% two years later as a put option or step back when a third party tries to take over the remaining 10.75% at a better price while guaranteeing a certain amount for the stake. In addition, Korea Development Bank can sell 10.75% stake when a third party wants to buy the stake three years later. Credit Suisse Group AG acted as a financial advisor for Hoban Construction Co., Ltd. BofA Merrill Lynch acted as financial advisor to Korea Development Bank. Ernst & Young acted as accountant to Korea Development Bank .