This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:45 p.m. on Apr. 29, 2026.
STX Engine is being mentioned as the next exit candidate for United Asset Management Company (UAMCO). With the recent stock surge sharply lifting the corporate value and the restructuring fund's maturity drawing closer, momentum is building. The market is leaning toward a sequential sale scenario of "after K Shipbuilding Co., Ltd., then STX Engine." However, because STX Shipbuilding is too large, it is said a block deal to first lower the equity stake is more likely to be pursued.
According to the investment banking (IB) industry on the 29th, UAMCO is continuing its internal review of the timing for selling STX Engine. The judgment appears to be based on the view that exit conditions have improved as the corporate value has risen rapidly.
STX Engine is an asset that UAMCO acquired in 2018 by injecting about 280 billion won and has held for about seven years, and considering the typical operating period of a restructuring fund, assessments say it has entered the phase when the exit clock starts in earnest.
However, given that the sale of K Shipbuilding Co., Ltd. is underway, more weight is being placed on recovering the two assets sequentially by splitting the timing rather than putting them on the market simultaneously. If both assets are put on the market at the same time, assets under management (AUM) would plunge in a short period.
The recent surge in the stock price is adding momentum to the sale scenario. STX Engine's shares have jumped sharply in a short period as expectations of benefiting from rising power demand at U.S. data centers come to the fore. With gas turbine supply shortages raising interest in alternative power sources, medium-speed engine technology, which can also be used for onshore power generation, has been rediscovered. Analysts say growth expectations have expanded further as shipbuilding and power generation demand have been added to a business structure that was centered on defense.
UAMCO currently holds about 61% equity in STX Engine. The market gives weight to the possibility of further lowering its holdings through additional block deals while maintaining a majority equity. If a sale of management control is pursued when the company has grown in size, the burden on potential buyers could increase, so the interpretation is that there is an intent to adjust the transaction size in advance.
In fact, UAMCO has been gradually lowering its equity ratio by using block deals. Given that it has disposed of shares in tranches to minimize market impact instead of a large lump-sum sale, observers see a similar approach as likely for additional equity trimming. The expansion of the free float potentially leading to institutional inflows is also viewed positively.
The higher corporate value both boosts exit proceeds and raises the difficulty of the sale. If the transaction size, including the management control premium, expands into the trillion-won range, access for strategic investors (SI) could diminish.
In fact, some large corporations that had been cited as strong candidates in the past are said to have stepped back from active acquisition reviews, citing reasons such as internal reprioritization of investments and expansion of in-house facilities. The nature of a defense contractor, which makes overseas sales difficult, is also cited as a variable.
An industry official said, "UAMCO has already recouped a significant portion of its investment, so there is no need to rush the sale," but noted, "Given the fund's maturity, the likelihood is high that a phased exit roadmap will be set in motion."