GS E&C Water Treatment Subsidiary 'GS Inima' Sold for 1.677 Trillion Won

[Financial News] GS E&C has sold its water treatment specialized subsidiary GS Inima to a state-owned enterprise in the United Arab Emirates (UAE). 
GS E&C announced on the 24th that it signed a stock purchase agreement on the 22nd to sell its stake in the water treatment specialized subsidiary GS Inima to the UAE Abu Dhabi National Energy Company 'TAQA'.
This transaction was conducted in the form of selling 100% of the shares of GS Inima, which is held through GS E&C's 100% subsidiary Global Water Solutions. The transaction size, based on enterprise value, is 1.2 billion USD, approximately 1.677 trillion KRW.
GS E&C acquired 80.4% of GS Inima's shares in 2012 for approximately 268 billion KRW (184 million euros) and later secured the remaining shares to incorporate it as a 100% subsidiary. Headquartered in Spain, GS Inima operates in desalination, wastewater treatment, and related infrastructure businesses in Brazil, the Middle East, and Europe.
As of 2024, GS Inima's annual sales are approximately 573.6 billion KRW, and net profit is about 55.8 billion KRW.
GS E&C explained that the sale of GS Inima was carried out to strategically reorganize its business portfolio and focus on core businesses.
A GS E&C representative said, "This sale is part of GS E&C's strategy of selection and concentration, and we will do our best to expand investment capacity in core areas and establish a sustainable growth foundation."




going@fnnews.com Choi Ga-young Reporter