[Alpha Biz=(Chicago) Reporter Kim Jisun] STX Heavy Industries, a ship engine producer, hit an upper limit on the news that it was acquired by HD Korea Shipbuilding & Marine Engineering.

According to the Korea Exchange, STX Heavy Industries closed at 11,660 won, up 29.99% from the previous trading day.

HD Korea Shipbuilding & Marine Engineering, HD Hyundai's intermediate holding company, said the previous day that it signed a main contract to acquire STX Heavy Industries with Fine Tree Partners, the operator of Private Equity Fund (PEF), the largest shareholder of STX Heavy Industries.

Under the deal, HD Korea Shipbuilding & Marine Engineering will acquire 6,524,174 shares held by Finetri Partners and 5,364,670 new shares issued in a three-way allocation method to secure a 35% stake in STX Heavy Industries and become the largest shareholder. The total amount of transaction is about 81.3 billion won.

 

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