Macquarie Asset Management has kicked off the sale of Approtium, South Korea’s largest commercial hydrogen producer, in a deal expected to fetch over 1 trillion won ($770 million).
According to investment banking sources on Friday, Macquarie is moving to appoint a financial adviser to lead the transaction. The plan gained traction as potential buyers showed interest following the firm’s recent agreement to divest of DIG Airgas.
Approtium, which manufactures and supplies industrial gases, has grown into the country’s top hydrogen provider. Macquarie acquired the company — then known as Deokyang — for about 800 billion won ($570 million) at the end of 2021 and rebranded it the following year.
The company’s revenue nearly doubled to 433.4 billion won in 2024 from 228.3 billion won in 2021, while operating profit climbed 20.3% over three years to 50.9 billion won.
Private equity firms at home and abroad, particularly those eyeing stable infrastructure assets, are viewed as the most likely bidders.
Write to Byung-Yeon Yoo at yooby@hankyung.com