KKR is preparing to offload up to 8.5% of its stake in HD Hyundai Marine Solution through a block trade valued at up to KRW 560bn ($410m), according to sources in the investment banking sector.

The sale will involve approximately 3.81 million shares priced between KRW 145,000 and KRW 148,000 each – a 7.96% to 9.83% discount on the company’s KRW 160,800 closing share price. JPMorgan and UBS are managing the transaction.

If completed, the deal will generate at least KRW 550bn ($402m) to KRW 560bn ($410m) in proceeds for KKR, further cementing its successful exit strategy in the South Korean marine services firm. The move follows KKR’s prior disposal of a 4.49% stake in February, which generated KRW 295bn ($216m).

KKR initially became the second-largest shareholder in HD Hyundai Marine Solution in 2021 after acquiring a 38% stake for approximately KRW 650bn ($483m), paying KRW 43,000 per share. The company was later listed on the KOSPI in April 2023, after which KKR began gradually reducing its position.

Following the latest sale, KKR’s remaining stake will drop to 11%, or roughly 4.94 million shares.

HD Hyundai Marine Solution, valued at KRW 7.2tn ($5.3bn), specialises in ship repair and after-sales marine services. The firm has been viewed as a key beneficiary of growing global demand in the shipbuilding and maritime services sector.

Source: Maeil Business Newspaper

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