Macquarie Asset Management is pushing to sell Approtium (formerly Deokyang), Korea's largest commercial hydrogen producer.
According to the investment banking (IB) industry on the 25th, Macquarie is proceeding with the process of selecting an adviser for the sale of Approtium. Even before Macquarie Asset Management fully launched the sale, multiple potential buyers expressed interest and made contact.
Approtium is Korea's largest hydrogen producer. It produces about 100,000 tons (t) of hydrogen annually and supplies it to corporations in refining, petrochemicals, and semiconductors. It is expanding its business by building plants in Ulsan and Seosan, South Chungcheong Province. Last year, it built its fifth plant in the Ulsan Mipo National Industrial Complex.
Macquarie acquired Deokyang in 2021 for about 800 billion won. At the time, it used its fifth blind fund, a project fund in which the National Pension Service and others participated as limited partners (LPs), and acquisition financing. It then changed the company name from Deokyang to Approtium in 2022.
As of the end of last year, Approtium's revenue and operating profit were 433.4 billion won and 50.9 billion won, respectively. Revenue roughly doubled from 228.3 billion won in 2021. With Approtium's performance steadily rising, this appears to be the right time to sell.
Meanwhile, Macquarie recently signed an agreement to sell DIG Airgas to Air Liquide. The transaction value is 4.85 trillion won. Macquarie acquired DIG Airgas in 2020 for 2.5 trillion won.