This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:40 p.m. on Mar. 3, 2026.
Doosan settled its Doosan Robotics price return swap (PRS) contract early to secure funds for acquiring SK Siltron. As Doosan Robotics' share price rose quickly, it shortened the original three-year contract period and locked in revenue.
PRS is a derivative that settles ex post the change in the underlying asset's value at maturity. It allows corporations to secure liquidity without worsening their financial structure. Gains or losses from fluctuations in the underlying stock price are borne by the corporation, while the investor receives a fee for providing funds. It is similar to a stock-collateralized loan, but has the advantage of being classifiable as capital.
According to the investment banking (IB) industry on the 3rd, Doosan completed settlement on Feb. 25 for a PRS contract covering 11.7 million shares of Doosan Robotics. With this settlement, Doosan secured base sale proceeds of 947.7 billion won (based on 81,000 won per share) and, at the same time, captured additional gains from the share price increase.
Given that Doosan Robotics' closing price on the settlement date was 107,300 won, Doosan is estimated to have earned about 26,000 won in additional revenue per share. Even factoring in a block deal discount rate, at least more than 250 billion won in additional cash is expected to flow in, pushing the funds secured through Doosan Robotics equity to above 1.2 trillion won.
The reason Doosan pulled the early-settlement card was to prepare the funds for the SK Siltron acquisition. The industry expects Doosan and SK to sign a stock purchase agreement (SPA) for SK Siltron within this month.
The rapid rise in Doosan Robotics' share price is also seen to have influenced the early settlement. It was to avoid the risk that the share price at maturity could fall below the reference price. From Dec. 23 last year, when the PRS contract was signed, through Feb. 27, Doosan Robotics' share price rose 32%.
Earlier, Doosan said it would sell equity in Doosan Robotics to secure funding for mergers and acquisitions (M&A). The market values SK Siltron at around 4.3 trillion won. Considering SK Siltron's net debt is about 2.4 trillion won, the required funds are about 1.9 trillion won. In addition to cash and cash equivalents already on hand, Doosan has secured more than 2.4 trillion won through the Doosan Robotics monetization.
With the early PRS settlement, Doosan Robotics shareholders who were worried about a price drop could breathe easier. This is because the overhang (a large potential sell volume) burden has been largely resolved. With this disposal, Doosan's equity stake in Doosan Robotics fell from 68.11% to 50.06%.