This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:06 p.m. on Jan. 23, 2026.
Stick-Korea Investment & Securities Co. Private Equity (PE) consortium has been selected as the preferred bidder for the sale of minority stakes in SK Group's Ulsan GPS and Multi-Utility (MU). However, some say that due to financing structure risks, a runner-up candidate will be selected alongside it.
According to the investment banking (IB) industry on the 23rd, SK Group on the day selected the Stick-Korea Investment & Securities Co. PE consortium as the preferred bidder for acquiring minority equity in Ulsan GPS and MU. The sale involves up to 49% equity in each of the two companies, and SK is said to be hoping for about 2 trillion won in combined equity value for the two companies.
The Stick-Korea Investment & Securities Co. PE consortium selected as the preferred bidder is effectively led by Korea Investment & Securities Co. PE. In Stick's case, Stick Alternative Asset Management is stepping in and is said to provide around 50 billion won. Korea Investment & Securities Co. PE's blind fund is around 500 billion won, and given that it can invest up to 130 billion won in a single portfolio, the remainder would need to be raised through a project fund.
Some in the industry express concern that a conflict-of-interest risk could arise because Korea Investment & Securities Co. is handling the acquisition financing for the Stick-Korea Investment & Securities Co. PE consortium. Since the consortium is effectively led by Korea Investment & Securities Co. PE, there is room for it to be seen as a conflict of interest if Korea Investment & Securities Co., an affiliate in the same group, provides the acquisition financing.