This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:26 p.m. on Feb. 4, 2026.
The sale of Seoul Cable, a mid-sized cable manufacturer, has moved into full swing. Although private equity fund (PEF) managers Woori PE and Eugene PE acquired management control less than a year ago, the company's valuation has surged amid rising data center demand. Depending on the M&A outcome, the ranking battle in the cable industry is expected to intensify.
According to the investment banking (IB) sector on the 4th, the Woori PE–Eugene PE consortium, which acquired Seoul Cable in March last year, has selected a domestic accounting firm as the lead manager and is pushing to sell management control of Seoul Cable. Some strategic investors (SI) and financial investors (FI) are said to have already submitted letters of intent, signaling interest.
The Woori PE–Eugene PE consortium bought an 80% equity stake for management control of Seoul Cable from Chief Executive Lee Hu-deok and other existing shareholders in March last year. At the time, Lee and the other existing shareholders kept a 20% equity stake, but this sale reportedly includes that stake as well, making 100% the transaction target.
The sale price is around 300 billion won, about twice the acquisition price. According to the audit report, Seoul Cable posted 245.4 billion won in revenue and 14.7 billion won in operating profit in 2024. With orders continuing to rise, 2025 revenue is expected to be about 320 billion won, with operating profit of about 23.5 billion won.
The Woori PE–Eugene PE consortium's swift move to sell is seen as a strategy to maximize returns through an early exit during favorable industry conditions. Explosive cable demand driven by data centers has created a golden time for Seoul Cable to receive the highest valuation.
Recent M&A in the cable industry has centered on SIs pursuing vertical integration and scale expansion. As a result, there is growing speculation that SIs and FIs will form alliances to bid for Seoul Cable. The cable sector is led by LS Cable & System, Taihan Cable & Solution, Gaon Cable, and Iljin Electric, followed by Daewon Cable and Seoul Cable. Depending on the M&A outcome, competition in the middle tier could heat up.
LS Cable & System has expanded its reach through vertical integration since acquiring Gaon Cable in 2018. In 2024, it sold 100% equity in power distribution cable specialist G&P to its subsidiary Gaon Cable, building a governance chain of "LS Cable & System–Gaon Cable–G&P." In 2025, it also sold the U.S. sales subsidiary (LS CUS) to Gaon Cable, and at the end of 2024, it acquired the asset of small cable maker S1 Tech, which was undergoing bankruptcy proceedings, through G&P.