BDA advises Doosan E&C on sale of its heat recovery steam generator business to GE Power

BDA Partners is pleased to announce that its client, Doosan Engineering & Construction Co Ltd (“Doosan E&C”), a leading Korean construction company, has agreed to sell its heat recovery steam generator business, Doosan E&C HRSG, for KRW300bn (US$260m) to GE Power, a division of GE and a world leader in power generation equipment. BDA acted as exclusive financial advisor to Doosan E&C.

The transaction is subject to approval by regulators and Doosan shareholders.

In operation since 1977, Doosan E&C HRSG is a leading player in the industry. It operates three advanced manufacturing facilities, one in Korea and two in Vietnam, specializing in engineering, project management, and manufacturing HRSGs. Doosan has been a long term supplier to GE and other industry leaders, and was a licensee of Alstom technology until 2007.

GE Power recently acquired Alstom to offer full power plant solutions. The addition of Doosan E&C HRSG will strengthen GE’s position in the global combined cycle power plant market, bringing engineering capabilities, production capacity, and cost effective, vertically integrated manufacturing. It will complement GE’s existing HRSG technology, and help GE deliver a more effective solution to customers.

Charles Maynard, Senior Managing Director at BDA, said “we’re delighted to have helped Doosan execute this landmark transaction.”

Howard Lee, Managing Director and Head of BDA Seoul, said “the BDA Seoul team is pleased to announce this significant M&A transaction, between globally competitive players. It reinforces BDA’s strong record in the industrial sector, our preeminent position helping Korean companies internationally, and our credentials with the biggest and best multinationals.”