Go to Contents Go to Navigation

Hanwha's chemical arm to buy shares from Samsung, complete acquisition

All News 17:16 June 23, 2021

SEOUL, June 23 (Yonhap) -- South Korean defense and energy conglomerate Hanwha Group said Wednesday it has decided to purchase stakes in its affiliate held by Samsung affiliates for 1 trillion won (US$879 million), completing a mega-sized acquisition deal between the two groups clinched six years ago.

Two Hanwha units -- Hanwha Energy Corp. and Hanwha Solutions Corp. -- agreed to buy 24.1 percent in Hanwha General Chemical Co., from Samsung Corp. and Samsung SDI Co.

Hanwha's chemical arm to buy shares from Samsung, complete acquisition - 1

The acquisition will conclude the deal signed back in 2015, in which Hanwha purchased four affiliates from Samsung Group.

Under the 2015 deal, Samsung sold shares in then-defense affiliate Samsung Techwin Co. and then-chemical unit Samsung General Chemicals Co. to Hanwha.

Samsung's move to sell affiliates to Hanwha came in line with the family-controlled conglomerate's efforts to streamline its business portfolio and pave the way for the group's heir, Lee Jae-yong.

colin@yna.co.kr
(END)

HOME TOP
Send Feedback
How can we improve?
Thanks for your feedback!