This article was posted on the ChosunBiz MoneyMove (MM) site at 4:58 p.m. Oct. 31, 2025.
The sale of SK oceanplant, a subsidiary of SK ecoplant, is reportedly effectively dead. Earlier, SK ecoplant had selected a consortium led by DIO Asset Management as the preferred bidder and was in talks.
According to investment banking industry sources, SK ecoplant has decided not to sell SK oceanplant to the consortium led by DIO Asset Management.
In early last month, SK ecoplant selected a consortium of DIO Asset Management, Osung Advanced Material and No and Partners as the preferred bidder. The purchase price was in the high 400 billion won range, and Hana Bank agreed to provide 150 billion won as senior acquisition financing.
However, signs that the acquisition talks were encountering difficulties have recently emerged in multiple places. First, No and Partners, which had agreed to contribute 100 billion won, withdrew from the consortium.
No and Partners reportedly decided to leave the consortium because it felt burdened by negative public opinion in the local community and the political sphere. On Oct. 24, Huh Sung-moo, a lawmaker of the Democratic Party of Korea, noted at a hearing of the Trade. Industry Energy. SMEs. and Startups Committee that SK oceanplant had pledged to invest 950 billion won and employ 3,600 people including residents of Goseong County, South Gyeongsang Province, but moved to sell the company at about 60% completion, plunging the local community into confusion. That is said to be one reason SK decided to abandon the sale.
But industry analysts say there were other reasons the sale of SK oceanplant effectively fell apart. First, distrust of former STX chairman Kang Duk-soo, who is said to be behind DIO Asset Management, reportedly played a large role.
An investment banking industry source said, "I understand there were concerns within SK Group about whether it was appropriate to hand over management to a person who caused the STX Group's insolvency," adding, "There are also doubts about whether Osung Advanced Material has the financial strength to be trusted."
There are, however, differing views. Another investment banking industry source said, "DIO Asset Management is known as 'Kang Duk-soo's company,' but in reality Kang does not hold equity in it," and added, "If that had been a problem, No and Partners, which is led by a former official of Korea Development Bank, would not have joined the consortium in the first place." Noh Gwang-geun, the chief executive of No and Partners, is a former Korea Development Bank official. Korea Development Bank is an organization that knows Kang better than anyone after overseeing STX Group's restructuring in the past.
It is also reported that SK ecoplant's improved cash position contributed to the collapse of the sale.
In 2021, SK ecoplant, together with SKS PE, set up a special purpose company called Econovation to acquire a 12% stake in U.S. company Bloom Energy. Recently, it sold 4.3% of that stake in a block trade, securing about 400 billion won.
Bloom Energy is an energy company that provides environmentally friendly distributed power generation solutions based on solid oxide fuel cell (SOFC) technology. Its stock price has risen about 600% over the past six months. Demand for artificial intelligence data centers has surged, significantly improving its earnings.