South Korean private equity firm Hahn & Company has agreed to buy a controlling stake in Hanjin Shipping’s bulk-carrier business.
The firm will pay KRW300bn ($284.4m) for a 76 per cent stake and will invest KRW100bn in the venture, according to Bloomberg. Hahn has also agreed to invest KRW100bn in the venture, which will assume the KRW1.4bn debts associated with the company’s 36 vessels, said the report.
As a result of the deal, Hanjin’s debt to equity ratio is set to drop to 673 per cent from 987 per cent.
Earlier this year Hahn bought a 43.15 per cent stake in STX Corp affiliate STX Energy Co.
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