SEOUL, February 12 (AJP) - Hanwha Hotels & Resorts announced Wednesday it will acquire a 58.62 percent stake in South Korean food service company Ourhome for 8.7 trillion won ($6.5 billion).
The company said in a regulatory filing that it will initially acquire 50.62 percent of shares from major shareholders, including former Vice Chairman Koo Bon-sung and Chairwoman Koo Mi-hyun. The remaining 8 percent owned by Koo Bon-sung will be purchased through a third party, it said.
To facilitate the acquisition, Hanwha will establish a special purpose company called Woori Home F&B. The company plans to secure 2.5 trillion won through its cash reserves and external borrowing, with the remainder to be funded through financial investors and acquisition financing.
The deal marks Hanwha Hotels' return to the food service market after five years, following the sale of its catering business Foodist in 2020. However, the acquisition faces potential hurdles as former Vice Chairwoman Koo Ji-eun, who holds 20.67 percent of Ourhome shares, opposes the sale and holds the right of first refusal.
"We are participating in this acquisition to create new growth engines by targeting the growing food industry, including group catering and food distribution, and to provide high-quality F&B services," a Hanwha Hotels official said. "We will lead the domestic and international food markets through various synergies between Hanwha's distribution service sector and Ourhome."
The transaction is scheduled to close on April 29.
Copyright ⓒ Aju Press All rights reserved.