SK Moves to Sell 70.6% Stake in SK Siltron
Major Deal Expected to Exceed 3 Trillion Won Including Debt
Doosan Expands Its Semiconductor Portfolio
Doosan Corporation has taken a significant step closer to acquiring SK Siltron, the world’s third-largest semiconductor wafer manufacturer. The acquisition price is expected to reach up to 5 trillion won.
On December 17, SK Inc. announced through a regulatory filing that it had selected Doosan Corporation as the preferred bidder for the sale of its stake in SK Siltron. SK Inc. stated, “The details will be determined through negotiations with the preferred bidder, and related matters will be disclosed again either when finalized or within three months.”
The stake up for sale is known to be the 70.6% share of SK Siltron owned by SK. Industry sources estimate the enterprise value of SK Siltron to be around 5 trillion won, and it is reported that Doosan has offered more than 3 trillion won for the acquisition. It has not yet been confirmed whether the remaining 29.4% stake held by SK Group Chairman Chey Tae-won will be included in this transaction.
SK Siltron is the only specialized company in Korea that produces semiconductor wafers, a core material for semiconductor chips. It ranks third in the global market for 12-inch wafers. Recently, Doosan began due diligence on SK Siltron’s headquarters and plant located in Gumi, North Gyeongsang Province.
Since the beginning of this year, SK Group has been pursuing the sale of SK Siltron as part of a business restructuring effort. In June, it was reported that five to six parties, including domestic and foreign private equity funds, participated in preliminary due diligence, but negotiations were delayed due to disagreements over the terms of the sale. The process accelerated after Doosan disclosed its interest in the acquisition in October.
Doosan Group has been building a business portfolio focused on semiconductor materials and equipment, including the acquisition of semiconductor post-processing test company Doosan Tesna and its subsidiary Engion in 2022.
Industry analysts note that there is no clear business synergy between SK Siltron and Doosan’s existing semiconductor affiliates such as Doosan Tesna. However, they see this move as reinforcing Doosan’s broader strategy to establish energy, machinery, and semiconductors as the group’s three main pillars. A Doosan representative stated, “The acquisition of SK Siltron will clarify the scale and status of our semiconductor business.”
With the selection of the preferred bidder, both sides are expected to enter full-scale negotiations for the final acquisition agreement. Industry observers suggest that if the process proceeds smoothly, the deal could be finalized as early as the third quarter of this year.
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