Aeroot is showing strength following the news that Woojin Gijeon has selected a Hong Kong-based private equity fund as the preferred bidder for its sale. It appears that the news of Aeroot holding shares in Woojin Gijeon's parent company has had an impact.
As of 1:55 PM on the 25th, Woojin Gijeon was trading at 470 KRW, up 27 KRW (6.09%) compared to the previous trading day.
Aeroot, which is conducting the sale of Woojin Gijeon, is reportedly carrying out due diligence with the Asia-IO consortium. They aim to sign the Stock Purchase Agreement (SPA) next month and close the deal within the year.
The sale target is 100% of Woojin Gijeon's shares, with the amount expected to reach approximately 300 billion KRW. Aeroot holds 62.7% of Woojin Holdings, the parent company of Woojin Gijeon.
Since fully launching its total energy platform business in 2010, Woojin Gijeon has continued to grow its performance. It is the only company in Korea to integrate the entire value chain from consulting to design, installation, logistics, and after-sales service, achieving an average annual sales revenue of 250 billion KRW over the past five years based on its differentiated competitiveness.
Meanwhile, the Asia-IO consortium, selected as the preferred bidder for Woojin Gijeon's M&A, is known to be raising funds from the UAE and other regions. The consortium plans to seek new revenue opportunities in the Middle East after acquiring Woojin Gijeon.
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