[Edaily Reporter Shin Su-jeong] #Hanwha Galleria is continuing the process of selling its stake in the artisanal burger brand Five Guys. As the exclusive negotiation period under the memorandum of understanding (MOU) signed last year with private equity firm H&Q Equity Partners expired, the two sides have renewed the MOU and extended the negotiation period.

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According to the Financial Supervisory Service’s electronic disclosure system on the 11th, Hanwha Galleria announced that it has re-signed an MOU with H&Q Equity Partners regarding the sale of its stake in Five Guys.

This renewal is a follow-up measure following the expiration of the exclusive negotiation period under the original MOU signed by the two companies on December 17 of last year. Hanwha Galleria plans to continue the sale process by proceeding with negotiations with H&Q Equity Partners, which holds the exclusive right to negotiate the purchase.

Hanwha Galleria plans to proceed with the signing of the definitive agreement following the remaining due diligence process. However, the sale price and specific terms have not yet been finalized. The company explained that details may change as the process progresses.

Hanwha Galleria plans to make another public announcement regarding the matter once specific details are finalized or within six months.

Five Guys is an American artisanal burger brand that Hanwha Galleria introduced to the domestic market. If this sale is finalized, it is expected to influence Hanwha Galleria’s restructuring of its food and beverage business portfolio.