Stock Purchase Agreement Signed for 869.5 Billion KRW
250 Billion Invested via SPC Establishment
Eldest Son and Daughter's Ourhome Shares Secured First
Additional Funding Raised Through Financial Investors and Acquisition Financing
Hanwha Hotels & Resorts has officially announced the acquisition of the catering company Ourhome.
Hanwha Hotels & Resorts disclosed on the 11th that it has signed a stock purchase agreement with former Vice Chairman Gu Bon-seong, Chairman Gu Mi-hyun, and two direct descendants of Ourhome. The acquired shares amount to 58.62% (13,376,512 shares), with a purchase price of 869.5 billion KRW.
The shares of Ourhome, an unlisted company, are currently held over 98% by the late Chairman Gu Ja-hak's one son and three daughters. The eldest son, former Vice Chairman Gu Bon-seong, holds 38.56%, the current chairperson and eldest daughter Gu Mi-hyun holds 19.28%, the second daughter Gu Myeong-jin holds 19.6%, and the youngest, former Vice Chairperson Gu Ji-eun, holds 20.67%.
Hanwha Hotels & Resorts will acquire only 50.62% of the shares held by former Vice Chairman Gu Bon-seong and Chairperson Gu Mi-hyun, and the 8.0% stake owned by former Vice Chairman Gu Bon-seong will be sold to a third party within an agreed period. The two direct descendants who signed the stock purchase agreement hold 1.8% of the shares.
Hanwha Hotels & Resorts will invest 250 billion KRW of its own funds for this share acquisition. Additionally, to acquire the management control shares of Ourhome, a special purpose company (SPC) tentatively named Woorijip F&B will be established and capitalized on April 29. The remaining amount will be raised through financial investors (FI) and acquisition financing.
Kim Dong-seon, Vice President and Head of Future Vision at Hanwha Galleria and Hanwha Hotels & Resorts. Provided by Hanwha Galleria
The acquisition of Ourhome shares by Hanwha Hotels & Resorts is being led by Kim Dong-seon, Vice President and Head of Future Vision at Hanwha Galleria and Hanwha Hotels & Resorts. Industry insiders view this acquisition as groundwork for Vice President Kim to expand his position within the Hanwha Group during the succession process. Hanwha Hotels & Resorts explained that the share acquisition was decided to strengthen the capabilities of the F&B (food and beverage) business division and create synergy.
However, the fact that former Vice Chairperson Gu Ji-eun opposes the sale of Ourhome remains a variable. It is expected that former Vice Chairperson Gu will file an injunction with the court to block Hanwha Hotels & Resorts from acquiring the shares held jointly by the eldest son and eldest daughter. Former Vice Chairperson Gu also holds a preemptive purchase right on the shares they own.
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