HD Hyundai Marine Solution announced on the 8th that it has decided to acquire stakes in overseas companies worth approximately 331.5 billion won in order to secure global technical service capabilities and an overseas service network.

The acquisition targets are shares of Goltens New York Corp. of the United States and Goltens Oslo AS of Norway. The total acquisition price is 331.48945 billion won, equivalent to 26.05% of the company's total assets and 40.19% of its equity capital.

Through this transaction, HD Hyundai Marine Solution will acquire all of the issued shares of Goltens New York Corp. and 41.07% of the issued shares of Goltens Oslo AS. The remaining stake in Goltens Oslo AS is held by Goltens New York Corp. and group affiliates, so considering the intra-group circular and cross-shareholding structure, the effective stake comes to 100%. The two companies focus on maintenance and engineering services for marine and land-based engines and machinery.

HD Hyundai Marine Solution stated that the purpose of the acquisition is to strengthen business competitiveness by securing global technical service capabilities and an overseas service network.

■ Counterparties and Funding

The counterparties are three companies: Kasper Family Holdings LLC, Bayley Family Holdings LLC, and Strand Family Holdings LLC. The base purchase price totals 247,527,966 U.S. dollars, with 82,509,322 dollars to be paid to each seller.

The transaction will be funded with proceeds from the company's initial public offering (IPO), and will be paid in a lump sum in cash on the closing date after the conditions precedent under the share purchase agreement are satisfied.

■ Acquisition Scheduled for February 28, 2027, but Variables Remain

The scheduled acquisition date is February 28, 2027. However, this timeline is contingent on merger approvals from relevant domestic and foreign authorities and the fulfillment of conditions precedent under the share purchase agreement, and may change depending on approval schedules and negotiations between the parties. The final acquisition price may also vary depending on contractual adjustments such as cash, borrowings, and working capital, as well as exchange rates at the time of actual payment.

■ Valuation: "No Grounds to Judge the Price Unfair"

Samduck, an external valuation firm, applied the discounted cash flow (DCF) method to value the acquisition target assets at between 216.286 million and 261.069 million U.S. dollars. It concluded that there were no grounds to judge the actual planned acquisition price unfair from a materiality perspective.

Meanwhile, according to the disclosure, the combined 2025 revenue of the businesses being acquired is 202.52765 billion won, with net income of 11.14003 billion won. These figures represent financial information combining Goltens New York Corp., Goltens Oslo AS, and their respective affiliates into a single hypothetical reporting entity, and do not reflect the legal financial standing of each individual corporation.