Environmental Energy Co., Ltd. completed the acquisition of Daewon Eco-Green Co.,Ltd from Daewon Cable Co.,Ltd..
May 14, 2017
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Environmental Energy Co., Ltd. agreed to acquire Daewon Eco-Green Co.,Ltd from Daewon Cable Co.,Ltd. (KOSE:A006340) for KRW 23 billion on April 10, 2017. Daewon Cable will sell 0.504 million shares of Daewon Eco-Green and will not hold any shares on closing. The consideration will be paid in cash and 20% of the consideration has been paid as deposit. For the year ended December 31, 2016, Daewon Eco-Green reported total assets of KRW 30.8 billion, net profit of KRW 1.65 billion and sales of KRW 9.23 billion. Board of Directors of Daewon Cable passed a resolution for the transaction on April 10, 2017. Scheduled date of the transaction is April 10, 2017. Nexia-Samduk acted as external rating institution in the transaction.
Environmental Energy Co., Ltd. completed the acquisition of Daewon Eco-Green Co.,Ltd from Daewon Cable Co.,Ltd. (KOSE:A006340) on May 15, 2017. KPMG acted as financial advisor to Environmental Energy.
DAEWON CABLE. CO., LTD. is a Korea-based company mainly engaged in the manufacture of cables and wires. The Company produces copper and aluminum wires, naked electric wires, building wires, polyvinyl chloride (PVC) insulated wires, power and control cables, data and telecommunication cables, optical fiber cables, underground residential distribution (URD) power cables, local area network (LAN) cables, flame retardant cables, power supply wires and others. The products are used for electricity transmission and distribution, as well as city downtown and outside communications. It also involves in the processing business through its affiliate. The Company distributes its products within domestic market and to overseas markets. On June 24, 2013, the Company acquired 100% shares of a Korea-based company, which is mainly engaged in the designated waste treatments.