Buy side Advisory for Hanwha Engine’s Acquisition of SEAM AS

Hanwha Engine has identified the acquisition of new technological capabilities as a key strategic priority in response to the global maritime and shipbuilding industry’s transition toward decarbonization and the growing demand for eco friendly vessels. In particular, strengthening its technological competitiveness in the rapidly expanding European market for electric and hybrid propulsion solutions was an important objective.

Against this strategic backdrop, PwC reviewed various overseas companies in the eco friendly marine propulsion sector based on a deep understanding of Hanwha Engine’s business structure, product portfolio, and global expansion strategy, and identified SEAM AS, a Norwegian company, as the optimal acquisition target. SEAM is a specialist in integrated electric propulsion systems for vessels, providing ESS, electric motors, and integrated control software. With approximately 40% market share in Norway—one of the world’s most active adopters of electric propulsion vessels—SEAM is widely recognized as a leading player in the European electric propulsion market.

PwC supported Hanwha Engine throughout the entire cross border M&A process, including acquisition strategy development, valuation, structuring, due diligence, negotiations, and closing. Despite the seller Longship’s firm stance on valuation and the complex nature of the negotiations, Samil PwC guided both parties toward a mutually acceptable agreement, contributing significantly to securing deal stability.

The transaction was executed through close collaboration between PwC Korea and the PwC Norway team, leveraging PwC’s global expertise and market insight to proactively identify and address not only financial, legal, and tax issues but also broader deal related challenges. By effectively managing structural and cultural differences — stemming from varying business practices and transaction approaches across countries — PwC mitigated key risks step by step, exemplifying how an acquirer and its advisor can work as a unified team to successfully deliver a complex cross border transaction.

This engagement was led by Partner Daeho Kang, with FDD Partner Yonghyun Kim and TDD Partner Yoonjung Yang participating in the due diligence process.