Jungheung Construction.Co.,Ltd. and Jungheung Togun Co.,Ltd. agreed to acquire 50.75% stake in Daewoo Engineering & Construction from KDB Investment on July 5, 2021. On December 9, 2021, a sale and purchase agreement was signed. 50.75% stake is valued at around KRW 2 trillion. The consortium was selected as the preferred bidder and Jungheung will lead the investor group. The buyers will acquire 210.9 million shares. Jungheung does not intend to sell Daewoo E&C's overseas business and had “concrete” financing plan to acquire Daewoo Engineering. Jungheung Group will retain Daewoo E&C staff and executives and guarantee the independence in management. The transaction is subject to regulatory approval, antitrust approval and is expected to take a month to be completed. As of December 9, 2021, the transaction is expected to close by February 15, 2022.

Korea Development Bank and Bank of America Corporation acted as the sell-side advisors. Bae Kim & Lee acted as the sell-side legal advisor. Ernst & Young, Korea acted as the sell-side accountant. Mirae Asset Securities Co., Ltd. acted as the sell-side advisor. Lee & Ko acted as the sell-side legal advisor. Pwc Korea Ltd. acted as the sell-side accountant. BofA Securities acted as financial advisor to KDB Investment.

Jungheung Construction.Co.,Ltd. and Jungheung Togun Co.,Ltd. completed the acquisition of 50.75% stake in Daewoo Engineering & Construction from KDB Investment on December 15, 2021.