The consortium of Hyundai Heavy Industries Holdings Co., Ltd. (KOSE:A267250) and KDB Investment Co., Ltd. agreed to acquire 34.9% stake in Doosan Infracore Co., Ltd. (KOSE:A042670) from Doosan Heavy Industries & Construction Co., Ltd. (KOSE:A034020) for KRW 850 billion on December 10, 2020. The consortium of Hyundai Heavy Industries Holdings Co and KDB Investment Co., Ltd. signed a memorandum of understanding for the transaction with Doosan Heavy Industries & Construction Co., Ltd. on December 23, 2020. The consortium of Hyundai Heavy Industries Holdings Co and KDB Investment Co., Ltd. signed final contract to acquire 34.9% stake in Doosan Infracore Co., Ltd. from Doosan Heavy Industries & Construction Co., Ltd. on February 5, 2021.

The parties shall sign a stock sales contract by January 31, 2021. As per the transaction, the consortium of Hyundai Heavy Industries Holdings Co and KDB Investment Co., Ltd is selected as a preferred bidder for the transaction. The acquisition price is said to be in the mid-700 billion won range.

The transaction does not include Doosan's Bobcat division. The two sides aim to conclude the main contract by the end of 2020. As per disclosure of April 9,2021, Hyundai Heavy Industries Holdings Co., Ltd. and KDB Investment Co., Ltd. transfer their contractual status as buyers of the corresponding common stock and stock warrants to Hyundai Genuine Co., Ltd. The transaction is subject to Korean Fair Trade Commission's approval.

The transaction is expected to complete within 4 months from the date of signing the stock trading contract. Hyundai Heavy Industries Holdings Co., Ltd. wants to sign a sales and purchase agreement by the end of this month and close the Infracore deal within the first half of this year. As of January 29, 2021, Hyundai Heavy Industries Holdings Co., Ltd. led consortium delayed the date to complete the deal from January 31, 2021 to February 5, 2021.

As of February 5, 2021, the transaction is expected to be completed within the third quarter of the year. As on July 27, 2021, The Korea Fair Trade Commission said it has given the green light to the proposed deal as it is not likely to hurt market competition. Morgan Stanley acted as financial advisor to KDB Investment Co., Ltd. Credit Suisse (South Korea) acted as financial advisor to Doosan Heavy Industries & Construction Co., Ltd. .