Hahn & Co. concludes SsangYong Remicon deal

South Korean private equity firm Hahn & Co. has completed the sale of SsangYong Remicon Co., a subsidiary of portfolio company SsangYong C&E Co., formerly SsangYong Cement Industrial, successfully recouping nearly 440 billion won ($325 million).

According to sources in the investment banking industry on Tuesday, Korea’s leading cement company, SsangYong C&E, will transfer 79 percent of the shares of SsangYong Remicon and related real estate to Jangwon Remicon, a subsidiary of Jungsun Aggregate Group, with an aim to conclude the this month.

The move follows the signing of a share purchase agreement (SPA) in July.

SsangYong Remicon is a specialized ready-mixed concrete manufacturer that achieved a groundbreaking industry milestone in 2007 by surpassing cumulative shipments of 1.5 billion cubic meters of concrete.

The transaction structure involves SsangYong C&E transferring ownership of the factories and real estate to SsangYong Remicon, with a time lag, as previously agreed.

On Monday, SsangYong C&E transferred 13.06 million shares of SsangYong Remicon to Jangwon Remicon. The shares were sold for 172.1 billion won. SsangYong C&E also disposed of its real estate and factories for 205 billion won on the same day.