This article was published on the ChosunBiz MoneyMove site at 3:55 p.m. Oct. 17, 2025.
Doosan Group has entered the bidding for SK Group's wafer maker for semiconductors, SK Siltron, and some private equity fund (PEF) managers are visiting Doosan Group to seek investment opportunities. Some managers, lacking the funds to acquire SK Siltron on their own, appear intent on providing financing to profit.
According to the investment banking (IB) industry, SK Group is reportedly conducting individual negotiations with some potential buyers to sell SK Siltron. The deal covers SK Group's 51% stake in SK Siltron and a 19.6% stake tied up in a total return swap (TRS).
The total enterprise value of SK Siltron is about 5 trillion won. If the buyer assumes the debt as is, the funds needed to purchase a 70.6% controlling stake are estimated at around 1.5 trillion won. Because the transaction size is so large, potential buyers able to acquire it alone are limited.
Some PEF managers are reported to be making various proposals to cooperate with Doosan. Doosan can acquire the company with its own funds, but it may bring in financial investors (FIs) to spread risk.
However, Doosan is leaning toward a solo acquisition, so any offer that changes its mind would have to suit Doosan's preferences. Doosan's standalone cash and cash equivalents stood at 1.738 trillion won as of June.
In the past, Doosan had a dispute with FIs such as IMM Private Equity, Hana Financial Investment and Mirae Asset Global Investments over Doosan Infracore China (DICC), the Chinese arm of Doosan Infracore (now HD Hyundai Infracore).
In 2011, the FIs invested 380 billion won on the premise of DICC's initial public offering (IPO). When the IPO failed due to a downturn in the construction market, the FIs filed a lawsuit in 2015 asking Doosan Infracore to return the investment. The lawsuit was concluded with a settlement after six years.
A source in the IB industry said, "Doosan secured funds through affiliate stock-collateralized loans and also has options such as put-receivable swaps (PRS)," adding, "Because Doosan's experience bringing in FIs was not favorable, it will be difficult to win the deal with simple financial support."
Meanwhile, rumors that SK Group might not sell SK Siltron circulated in the market, and Doosan's shares surged on the 17th. Market participants who had viewed Doosan's SK Siltron bid as negative bought large amounts of Doosan shares. That day Doosan shares rose more than 15% from the previous day to close at 700,000 won, surpassing a one-year intraday high.
The rumors appear to have arisen after the Supreme Court overturned a second-instance ruling that had ordered Chey Tae-won, chairman of SK Group, to pay more than 1.3 trillion won to Noh So-young, director of the Art Center Nabi, as property division in their divorce. However, the divorce litigation is not over, and because SK Group offered SK Siltron as part of rebalancing separate from the lawsuit, the sale process is likely to proceed.
An SK Group official said, "The sale of SK Siltron is part of the group's rebalancing strategy that began last year," adding, "We are reviewing various options, but nothing has been decided yet."