IMM Credit & Solution (ICS) will invest 300 billion won in SKC's subsidiary SK Nexilis.
On the 24th, according to the investment banking (IB) industry, ICS is in the final stage of detailed talks to acquire convertible preferred shares (CPS) to be issued by SK Nexilis. The investment period is five years, and the guaranteed yield is said to be around 1–2% per year.
Earlier, in 2019, SKC acquired SK Nexilis (formerly KCFT) for 1.2 trillion won from global private equity fund manager KKR. Along with the equity acquisition, it injected trillions of won, including domestic and overseas facility investments. However, as growth in the electric vehicle market slowed, results deteriorated.
Afterward, as SK Group moved to rebalance its portfolio, SK Nexilis was also cited as a potential adjustment target. Last year, it sold the thin-film business unit to Affirma Capital to secure 95 billion won, and then transferred a minority stake in the Malaysia subsidiary to Toyota Tsusho to raise 150 billion won. With the addition of ICS's investment, SK Nexilis's liquidity burden is expected to ease.
In June, ICS raised its first blind fund at 953 billion won. The funds for this SK Nexilis investment are expected to be raised through the blind fund and a project fund. ICS is reportedly in contact with limited partners (LPs).