This article was published on April 30, 2025, at 4:37 p.m. on the ChosunBiz MoneyMove site.
Hanwha Group has cleared all hurdles for acquiring management rights of OURHOME. Unless there are any unexpected variables, the acquisition and transfer of registration are expected to be completed around the 15th of next month.
According to investment banking (IB) industry sources on the 30th, the Vietnamese government approved the corporate merger of OURHOME Vietnam as of the 26th. Vietnam operates a six-day workweek, which requires employees to work on Saturdays.
Hanwha Hotels & Resorts originally planned to complete the payment for the acquisition of OURHOME by the 28th and finalize the acquisition of management rights. However, it is reported that a series of procedures were delayed due to signs of a hold-up in the corporate merger review process in Vietnam.
An IB industry official noted, "Since all funding has been finalized, the acquisition of management rights and transfer of registration could be completed by mid-next month, barring any significant issues."
Hanwha Group has secured a total of 750 billion won for the acquisition of OURHOME. Hanwha Hotels & Resorts is responsible for 250 billion won, while the financial investor IMM Credit & Solution (ICS) is covering another 250 billion won, and 250 billion won will be raised through acquisition financing. The acquisition financing is being coordinated by Woori Bank and Woori Investment & Securities.
OURHOME is expected to hold a board meeting soon to resolve the sale of equity. Currently, the board includes Chairman Koo Mi-hyun, her husband Lee Young-yeol, a former professor from Hanyang University, and Koo Jae-mo, the son of former Vice Chairman Koo Bon-sung.
Initially, Hanwha aimed to acquire the equity of Koo Ji-eun, the former vice chairman (20.67%), among the four siblings, but has decided to only acquire the 58.62% held by former Vice Chairman Koo Bon-sung and Chairman Koo Mi-hyun. After acquiring management rights, raising equity through a rights issue is being actively discussed.
In the case of Koo Ji-eun, she has repeatedly stated her intention not to sell her equity to Hanwha. It has been reported that she also considered exercising her preemptive rights in collaboration with the private equity fund (PEF) operator Alpha Capital, but ultimately that plan fell through. There are also speculations in the industry that Koo Ji-eun may file for an injunction to prohibit the sale of her equity to Hanwha. However, such an injunction would be impossible once the sale of management rights is completed.