Hanwha Hotels & Resort announced on the 15th that it has completed the payment for the transaction to acquire equity in OURHOME and finalized the contract.
Hanwha Hotels & Resort stated in a press release distributed that morning that it has completed the payment for the transaction to acquire equity in OURHOME and finalized the contract. The equity secured by Hanwha through this contract accounts for 58.62% of the total. The total amount invested in the stock acquisition is 869.5 billion won. OURHOME is a corporate catering and food distribution company that recorded sales of 2.224 trillion won last year.
Hanwha Hotels & Resort revealed that Kim Dong-sun, the third son of Hanwha Group Chairman Kim Seung-yeon and Vice President overseeing the Future Vision Headquarters of Hanwha Hotels & Resort, led the acquisition. The contract was finalized about seven months after on-site due diligence began in October of last year. Accordingly, OURHOME has become a formal affiliate of Hanwha.
Hanwha Hotels & Resort established a special purpose company (SPC), Our Home F&B Co., Ltd., in February this year. Last month, it received approval for the business combination from domestic and foreign government agencies.
Hanwha Hotels & Resort has past experience operating a food service business. It has also been involved in the food and beverage business, including dining and banquets, through its subsidiary Hanwha Food Tech. Hanwha Hotels & Resort expects that developments in food tech for kitchen automation will accelerate as a future business.
A representative of Hanwha Hotels & Resort said, "We will lead the seismic shifts in the domestic and global food market together with OURHOME, which is excelling in the food service and food distribution sectors," and noted, "Now that we are part of the Hanwha family, we will engage in various collaborations with multiple affiliates within the group."