South Korea's HD Hyundai spends USD 247 million to acquire global ship repair company

en.Wedoany.com Reported - On October 8, South Korea's HD Hyundai Group subsidiary HD Hyundai Marine Solution signed a share purchase agreement to acquire all equity interests in Goltens, a global ship and onshore power generation engine repair company, for approximately USD 247 million. The transaction involves companies including Goltens New York Corp. in the United States and Goltens Oslo AS in Norway, and is expected to close on February 28, 2027, subject to obtaining relevant regulatory approvals and satisfying conditions precedent stipulated in the contract.

According to the transaction documents, HD Hyundai Marine Solution will directly acquire all issued shares of Goltens New York Corp. and 41.07% of the shares of Goltens Oslo AS. Taking into account the shareholding relationships within the Goltens group, upon completion of the transaction, the acquirer will obtain all substantive equity interests in the target business. The counterparties include Kasper Family Holdings, Bayley Family Holdings, and Strand Family Holdings, and the acquisition is intended to be funded using proceeds from HD Hyundai Marine Solution's initial public offering. The consideration is planned to be paid in a single lump sum in cash upon satisfaction of closing conditions, with the final amount subject to adjustment based on items such as cash, debt, and working capital.

Goltens is primarily engaged in the maintenance, repair, and overhaul of two-stroke and four-stroke engines for ships and onshore power generation facilities, and also provides ship conversion, on-site machining, and equipment repair services. The company operates 28 repair service locations, 19 repair workshops, and 31 legal entities worldwide, employs approximately 1,300 professionals, serves more than 2,300 customers, and is involved with over 5,500 vessels. Its repair business covers multiple engine manufacturer brands and has the capability to dispatch engineering and technical personnel across regions to carry out on-site repairs.

After the transaction is completed, Goltens will continue to maintain an independent operating system led by its current chief executive officer, and existing customer contacts, service networks, and ongoing repair projects will continue to operate normally. HD Hyundai Marine Solution plans to leverage its overseas repair locations, technical personnel, and multi-brand engine service capabilities to expand its ship aftermarket repair business and provide more localized repair, conversion, and technical support services for ships and engines manufactured by HD Hyundai Group.

HD Hyundai Group also plans to use Goltens' international repair network for the onshore power generation business associated with HiMSEN engines, covering inspection, maintenance, and technical services after generator set installation. HD Hyundai Marine Solution will promote technical exchanges and capacity building for repair personnel between the two parties, while Goltens will continue to undertake repair tasks for existing customers and equipment.