Hanwha Aerospace sealed its acquisition of Singapore’s Dyna-Mac Holdings, securing a 95.15% stake through its special purpose vehicle after sweetening its offer to 0.67 Singapore dollars per share.
The Korean defense and aerospace giant’s latest move expands its footprint in the offshore energy sector, particularly in floating production storage and offloading (FPSO) units. The deal values Dyna-Mac at approximately S$620 million ($460 million).
The transaction came after Hanwha raised its initial September bid of S$0.60 per share, ultimately winning over Dyna-Mac’s founder Desmond Lim. The company plans to acquire the remaining shares through a compulsory acquisition process.
Dyna-Mac, established in 1990, operates two production facilities in Singapore, specializing in topside modules for offshore facilities including FPSO and floating liquefied natural gas units.
The acquisition aligns with Hanwha’s strategy to strengthen its marine facility operations through its shipbuilding unit, Hanwha Ocean. The deal received approval from Singapore’s competition authorities.
