Global private equity fund manager Kohlberg Kravis Roberts (KKR) has secured an additional 620 billion won from selling part of its stake in HD Hyundai Marine Solution.
According to the securities industry on the 22nd, KKR sold approximately 9.5% (4.26 million shares) of its stake in HD Hyundai Marine Solution through a block deal after the market closed on that day.
The total amount is 620 billion won, with the per-share sale price set at 145,500 won, discounted by 9.5% from the previous day's closing price of 160,800 won. JP Morgan and UBS managed the transaction.
Initially, KKR planned to sell approximately 3.81 million shares (8.5%) to recover about 560 billion won, but as the sale size increased, the recovery amount also rose by 60 billion won.
KKR invested 653.4 billion won (43,000 won per share) in HD Hyundai Marine Solution, which had been separated from HD Hyundai through a physical division in 2021, becoming the second-largest shareholder with a 38% stake.
Previously, in April of last year, KKR conducted some sales of the existing shares at the time of HD Hyundai Marine Solution's listing, and in February of this year, it disposed of 4.49% of its equity in a block deal for 295 billion won.
KKR has already secured a total of 666.1 billion won, exceeding the principal amount, and the 620 billion won from this block deal sale is expected to be recorded entirely as revenue.