Global Sae-A Completes Acquisition of Ssangyong E&C

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Oct 16, 2022, 23:22 ET

SEOUL, South Korea, Oct. 16, 2022 /PRNewswire/ -- On 14 October 2022, Global Sae-A signed a Share Purchase Agreement to acquire Ssangyong E&C (Engineering & Construction) ("Ssangyong E&C" or the "Company") from the Investment Corporation of Dubai ("ICD").

Pursuant to the terms of the agreement, once the merger review process is completed and approved by the Korea Fair Trade Commission, and certain other conditions are satisfied, Global Sae-A will become the majority 90% shareholder of Ssangyong E&C. Furthermore, as a remaining 10% shareholder, ICD will be able to support the Company's vision to continue to expand internationally, including in the Middle East.

Global Sae-A submitted their letter of intent to ICD in early March 2022. Mirae Asset, acting as M&A advisor, led the due diligence process assisted by Lee & Ko as lead legal counsel and EY Hanyoung for accounting and financial matters.

Global Sae-A's acquisition of Ssangyong E&C puts it on track to achieve the goals outlined in its 5-year plan called "VISION 2025" (KRW 10 trillion in sales and KRW 1 trillion in operating profit by 2025).

This acquisition adds further diversity and synergy to Global Sae-A Group's affiliates which include Sae-A Trading (Textiles & Apparel), Tailim (Paper & Packaging), Sae-A STX Entech (Global EPC), Valmax (Hydrogen Energy), IN THE F, S&A (Korean Domestic Apparel and Accessories), and S2A (Arts & Culture).

As a result of this transaction, Ssangyong E&C will be able to enter new overseas markets with infrastructure and urban development projects in regions where affiliates of Global Sae-A Group are currently operating, as well as expand further in markets in the Middle East and Southeast Asia where Ssangyong has been operating for several years.

"Through this acquisition, we have increased the overall potential of Global Sae-A and secured a new growth engine for the group to achieve inclusion in Korea's TOP 100 ranking of largest companies." said KM Kim, CEO & President of Global Sae-A.

He added, "We will successfully complete the remaining acquisition process and strive to fulfill our social responsibilities as a company along with the group's continued growth in the future."

An ICD representative noted that "over the past seven years, under ICD's ownership, Ssangyong has successfully expanded its business in Korea and around the world and has accomplished many milestones and developed several landmark projects. Both parties look forward to a continued association with the Company and are confident that under Global Sae-A's ownership the business will continue to grow."

ABOUT GLOBAL SAE-A

Global Sae-A is a holding company that operates businesses in the apparel, food, home, and knowledge sectors, which include the world's largest apparel export company, Sae-A Trading, the textile manufacturing company, Win Textile, the Yarn Spinning Mill, Sae-A Spinning, the Korean Domestic Apparel and Accessories Retailer, IN THE F/S&A, the leading global EPC company, Sae-A STX Entech, the corrugated cardboard/paper packaging company, Tailim, the food and beverage company, Taebum and S2A Gallery.

Global Sae-A Group has established a group mission to become a century-old company under the vision of "helping people experience the best of life." This vision forms the basis of future Sae-A group management, implying the group's dedication to providing the best experience in life to all customers and members.

SOURCE Global Sae-A Group