Hyundai Dymos Inc. completed the acquisition of Hyundai PowerTech Co., Ltd. from Hyundai Motor Company, Hyundai Mobis Co.,Ltd, Kia Motors Corporation, HYUNDAI WIA Corporation and others.
January 01, 2019
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Hyundai Dymos Inc. signed a merger contract to acquire Hyundai PowerTech Co., Ltd. from Hyundai Motor Company (KOSE:A005380), Hyundai Mobis Co.,Ltd (KOSE:A012330), Kia Motors Corporation (KOSE:A000270), HYUNDAI WIA Corporation (KOSE:A011210) and others on October 19, 2018. As per terms, Hyundai Powertech Co., Ltd. will be dissolved after the acquisition and Hyundai Dymos Inc. will continue surviving. The consideration comprises issuance of 51.9 million new shares at the ratio of 1: 0.5653558. Post completion, Hyundai Mobis Co.,Ltd will be the largest shareholder of the merged corporation.
For the year ended December 31, 2017, Hyundai Powertech Co., Ltd. reported total assets of KRW 2.5 trillion, sales of KRW 2.9 trillion, net income of KRW 151 billion and net assets of KRW 1.5 trillion. The Board of Directors of Hyundai Dymos Inc. resolved the deal on October 19, 2018. The deal is subject to approval from shareholders of Hyundai Dymos Inc in meeting due on November 29, 2018. Creditors can submit their objections from November 30, 2018 to December 31, 2018. The deal is expected to close on January 1, 2019. Deloitte Anjin LLC acted as external rating institution.
Hyundai Dymos Inc. completed the acquisition of Hyundai PowerTech Co., Ltd. from Hyundai Motor Company (KOSE:A005380), Hyundai Mobis Co.,Ltd (KOSE:A012330), Kia Motors Corporation (KOSE:A000270), HYUNDAI WIA Corporation (KOSE:A011210) and others on January 2, 2019.
Hyundai Wia Corp is a Korea-based company principally engaged in the manufacture and sale of automobile parts. The Company operates its business through two segments. The Vehicle Parts Business segment is engaged in the production and sales of chassis modules, platform modules, engines, constant velocity joints, transmissions and turbochargers, among others. The Machinery Business segment manufactures and sells machine tools, industrial machinery and defense industry related products such as lathe, press lines, steel mill cranes, shipbuilding cranes, power plant cranes, howitzer, mortar. The Company distributes its products in domestic and overseas markets such as Europe, Asia and United States.
Hyundai Dymos Inc. completed the acquisition of Hyundai PowerTech Co., Ltd. from Hyundai Motor Company, Hyundai Mobis Co.,Ltd, Kia Motors Corporation, HYUNDAI WIA Corporation and others.