27 May 2022

BDA advises Doosan on sale of Doosan Babcock to Altrad

Divested Doosan Babcock Limited to Altrad

2022

BDA Partners is pleased to announce that its client, Doosan Enerbility (“Doosan”), has agreed to sell Doosan Babcock Limited to Altrad, a leading French industrial services company. Terms of the transaction were not disclosed.

BDA was the exclusive financial advisor to Doosan on the transaction.

Doosan Babcock is a leading specialist in EPC (engineering, procurement and construction) services for the nuclear and energy sectors. Following the acquisition, its 4,000 employees across the UK, Europe and the Middle East will join Altrad under the “Altrad Babcock” banner.

Howard Lee, Partner and Head of BDA Seoul, commented: “This transaction represents the start of a new chapter for Doosan Babcock, which, based on its 130-year track record, has adapted continuously to changing market conditions. We’re happy to be part of this milestone transaction. It reinforces BDA’s strong record in the engineering sector, contributes to the re-positioning of Doosan Group, and demonstrates the depth of our relationships and experience globally.”

Victor Chang, Managing Director of BDA Seoul, said: “We’re pleased to have advised our longstanding client Doosan on this successful cross-border transaction. Our Seoul and London offices worked effectively together to deliver an outstanding result for Doosan, the management and Altrad.”

Jonathan Aiken, Managing Director and Head of BDA London, said: “This transaction reflects BDA’s ever-increasing track record of complex, cross-border corporate carve-outs. BDA’s ability to work seamlessly across borders to deliver important solutions for our clients is a key differentiator.”

About Doosan Babcock

Doosan Babcock is a specialist in the delivery of engineering, aftermarket and upgrade services to the nuclear, thermal, oil and gas, petrochemical and process sectors. With a focus on the delivery of low-carbon technologies and an industry-leading project management capability, the company builds, maintains and extends the life of its clients’ assets worldwide. www.doosanbabcock.com/en

About Doosan Enerbility

Doosan Enerbility, formerly known as Doosan Heavy Industries & Construction, has supplied integrated solutions for power generation, energy and desalination plants in 40 countries around the world. With its proven expertise in the energy industry, Doosan strives to create a better future by bringing more sustainable energy solutions to the world. It has an order backlog of US$11bn. www.doosanenerbility.com/en

About Altrad

Altrad is a global leader in providing industrial services, generating high-added value solutions principally for the Oil & Gas, Energy, Power Generation, Process, Environment and Construction sectors. Altrad’s multidisciplinary services range from engineering and technical services to maintenance, access solutions and specialised services for industry leaders. Altrad is located in more than 50 countries and has over 42,000 people that generate annual revenues of approximately €2.7 billion. www.altrad.com

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com