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Announced

Cerberus Capital Management to acquire the Hanjin shipyard for $300m.

Financials

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Transaction Value£228m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Sources

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Tags

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Private

Pending

Infrastructure

Majority

shipyard

Machinery: Specialty

Friendly

Philippines

Cross Border

Acquisition

Single Bidder

Private Equity

Synopsis

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Cerberus Capital Management, a US-based private equity company, agreed to acquire the Hanjin shipyard, which is strategically located in Subic Bay in the Philippines and also the subject of investor interest from China, for $300m. The deal is expected to revive the strategic shipyard, which was a major employer in the Philippines before it filed for bankruptcy protection in early 2019. The shipbuilder sank into financial trouble amid an industry-wide oversupply of cargo vessels, and defaulted on $1.3bn in loans, including $400m from Philippine banks.

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