This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:40 p.m. on Mar. 4, 2026.
The consortium of private equity fund (PEF) managers Well to Sea Investment and Socius, the largest shareholder of KOSPI-listed MNC Solution, is accelerating the sale of its management control. It has completed a preliminary bid for the sale and entered the stage of shortlisting qualified bidders.
According to the investment banking (IB) industry on the 4th, the Well to Sea–Socius consortium, the largest shareholder of MNC Solution, conducted a preliminary bid through the 27th of last month and received letters of intent (LOIs). Multiple financial investors (FIs) and strategic investors (SIs) are said to have participated in the bid. UBS is the sell-side advisor.
The sale target is the consortium's 73.78% stake with management control. Considering the stake for sale and a control premium, the price is expected to exceed at least 1 trillion won. Based on the closing price that day, MNC Solution's market capitalization was 1.093 trillion won.
Because MNC Solution is a defense company, the need for approval from the Defense Acquisition Program Administration for a change in the largest shareholder is seen as a variable. If the largest shareholder is a foreigner, or if a company has foreign capital above a certain level, an acquisition is not possible.
An IB industry official said, "For defense companies that require approval from the Defense Acquisition Program Administration when ownership changes, the related rules are quite strict to the point that foreign nationals cannot participate in the due diligence stage," adding, "The seller will consider this when selecting a preferred bidder."
MNC Solution traces its roots to Doosan Mottrol. The consortium acquired the entire Mottrol equity in 2021 for about 453 billion won. It then split the company into civilian and defense divisions. The civilian division, which specializes in hydraulic parts for heavy equipment, was sold to Doosan Bobcat in about four years for about 242 billion won.
The defense division was reorganized as MNC Solution and listed on the KOSPI in Dec. 2024. Last year, it achieved record results, including 403.3 billion won in revenue and 56 billion won in operating profit. Compared with the previous year, revenue and operating profit rose 42.6% and 60.9%, respectively.