11-02-2025
Hanwha Hotels to acquire Ourhome in W870b deal
Hanwha Hotels & Resorts announced on Tuesday that it has signed a stock purchase agreement to acquire a 59 percent stake in Ourhome, a leading Korean food catering company.
In a regulatory filing, the company stated that it plans to acquire a 58.62 percent stake in Ourhome for 869.5 billion won ($598 million). Ourhome's market value is estimated at about 1.5 trillion won.
This decision was made in a board meeting Tuesday morning in which discussions on the acquisition deal were finalized. The share acquisition is set to take place on April 29.
Under the agreement, Hanwha will acquire 13,376,512 shares held by former Vice Chairman Koo Bon-sung, Ourhome's largest shareholder, and Chair Koo Mi-hyeon, the eldest sister in the Koo family, and two others. The former vice chairman holds a 38.56 percent stake, while the chair owns 19.28 percent.
To finance the purchase, Hanwha Hotels & Resorts will invest 250 billion won, while the remaining amount will be covered by contributions from financial investors and acquisition financing.
In order to acquire the Ourhome shares, the company has established a new entity tentatively named Woori Home F&B. "Woori Home F&B will assume all rights, obligations and party status related to the Ourhome stock purchase from Hanwha Hotels & Resorts before the transaction is finalized,' the company said in a statement.
Once the share acquisition is completed in April, the company will proceed with a 250 billion won capital increase.
The merger, led by Kim Dong-seon, vice president of Hanwha Hotels & Resorts, marks Hanwha's latest effort to expand into the food and beverage industry. The company is also exploring opportunities to integrate food technology into its operations. The latest move comes five years after it sold Foodist, the group's food distribution division, to VIG Partners.
Ourhome's expertise in food-related sectors, including manufacturing, logistics and distribution, is expected to create synergies and strengthen Hanwha's food business, according to a Hanwha Group official.
