Hanwha Hotels and Resorts has finalized discussions to acquire OURHOME. The plan is to acquire 58.6% of OURHOME's equity. To this end, Hanwha Hotels and Resorts will invest 250 billion won.
On the 11th, Hanwha Hotels and Resorts announced the establishment of a subsidiary tentatively named OURHOME F&B for the acquisition of OURHOME. According to the announcement, OURHOME F&B is a company established to acquire the management rights equity of OURHOME. OURHOME F&B plans to receive the status, rights, and obligations surrounding the stock trading of OURHOME from Hanwha Hotels and Resorts.
On this day, Hanwha Hotels and Resorts purchased 13,376,512 shares of OURHOME from Chairman Koo Mi-hyun and shareholder Koo Bon-seong. This represents 58.62% of all shares of OURHOME. However, it was noted that the 8% equity held by shareholder Koo Bon-seong will be acquired separately at an agreed point within two years from the transaction settlement date.
The price per share is 65,000 won. The transaction amount is approximately 869.5 billion won, of which Hanwha Hotels and Resorts will bear 250 billion won. The remainder is planned to be financed through financial investors such as IMM Credit Solutions and acquisition financing.
Hanwha Hotels and Resorts expects that the stock transaction for all remaining shares, excluding the 8% equity of shareholder Koo Bon-seong, will be completed by April 29th this year. However, the schedule is likely to change. This is due to anticipated actions such as a provisional injunction request from former Vice Chairman Koo Ji-eun. The side of former Vice Chairman Koo Ji-eun has expressed skepticism regarding all matters related to the stock transaction between shareholder Koo Bon-seong and Hanwha.
With the signing of the stock transaction agreement, Hanwha Group will be re-entering the institutional sector of food service and ingredients after five years through the acquisition of OURHOME. In 2020, Hanwha Group sold its food service and ingredients sector, Foodist, and withdrew from related businesses.
Kim Dong-seon, the vice president leading the acquisition of OURHOME, is reported to have decided to acquire OURHOME to secure stable cash flow, which is an advantage of the institutional sector of food service. Additionally, the potential to combine with its key business in food tech is also a background for the acquisition of OURHOME.
A Hanwha Group official noted, "The business feeds 460,000 people daily at 600 business sites, which ensures robust cash generation. Moreover, there is no reason not to acquire OURHOME, which has strong competitiveness in manufacturing, logistics, and food distribution." According to the minutes of the board meeting held that morning, the need to acquire the management rights equity of OURHOME was explained as being to enhance the capabilities of the F&B sector, secure new growth engines through synergy creation with other sectors such as food and accommodation, among others.