Crescendo Equity Partners, a private equity fund (PEF) manager, will dispose of its HPSP equity through an after-hours block trade. The amount is about 300 billion won.
According to the investment banking (IB) industry on the 6th, Crescendo conducted institutional book building for an HPSP equity block deal after the market closed that day. UBS will lead-manage the deal.
The block deal targets 8.36 million shares out of the 32.8 million HPSP shares (39.28% equity stake) held by Crescendo. The sale price is 35,050 won to 36,800 won, 6% to 10.5% lower than the day's closing price (39,150 won).
HPSP supplies high-pressure hydrogen annealing (HPA) equipment essential for front-end semiconductor processing. Customers include Samsung Electronics and SK hynix. Crescendo acquired a 51% equity stake for about 10 billion won through the Presto No. 6 fund in 2017.
Starting at the end of 2024, Crescendo selected UBS as the lead manager and pursued a sale of control in HPSP, and even proceeded with bidding, but it failed to bridge the gap with the market and ultimately postponed the sale.