Global private equity giant KKR is offloading up to 560 billion won ($402 million) worth of shares in HD Hyundai Marine Solution through a block deal following the close of Thursday’s trading session, according to investment banking sources.

KKR is offering some 3.81 million shares - or around 8.5 percent of the company - at a price range of 145,000 to 148,000 won per share, representing a 7.96 to 9.83 percent discount from Thursday’s closing price of 160,800 won. JP Morgan and UBS are managing the transaction.

KKR is expected to raise between 550 billion won and 560 billion won if the deal is fully executed, increasing its total cash recovery well beyond its original investment.

This is KKR’s third attempt to reduce its stake in the ship services firm. A deal to sell 1.78 million shares -roughly 4 percent of HD Hyundai Marine - in December 2024 collapsed amid political turmoil surrounding former President Yoon Suk Yeol’s controversial declaration of emergency powers. However, KKR successfully offloaded 2 million shares in a February 2025 block deal, securing 295 billion won.

KKR first invested 650 billion won in 2021 to acquire a 38 percent stake in HD Hyundai Marine Solution during its spin-off from HD Hyundai. The firm paid approximately 43,000 won per share at the time to become the second-largest shareholder.

Including the proceeds from the company’s April 2024 IPO and the February 2025 block deal, KKR had already recovered over 660 billion won before the latest transaction. Its remaining stake will fall to about 11 percent, or 4.94 million shares once it completes the current sale.

HD Hyundai Marine Solution specializes in ship repair and aftermarket services, with its market capitalization standing at 7.2 trillion won as of Thursday.

The company was viewed as a key beneficiary of renewed investor interest in Korean shipbuilders, particularly following recent praise from U.S. President Donald Trump who expressed staunch support for the Korean shipbuilding industry. The remarks contributed to a rally in related stocks, including HD Hyundai Marine.

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