This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:16 p.m. on May 18, 2026.
Doosan Group's acquisition of SK Siltron has expanded into a 100% acquisition structure that includes SK Group Chairman Chey Tae-won's personal equity, drawing attention to how Chey's equity will be priced.
Chey's equity, on its own, is largely a minority stake that does not confer control. If Doosan applies a control-level price to Chey's equity, controversy could arise that part of the control premium that the largest shareholder SK Corp. should enjoy is being allocated to the group head personally. There is, of course, a contrary view. If Doosan treats all of SK Siltron's equity as a single control package for acquisition, some analysts say it is natural to recognize a certain level of premium for Chey's equity as well.
◇ Sold separately from SK Corp. to head off "private benefit" controversy
According to the investment banking (IB) industry on the 18th, Doosan Group is pushing to soon sign a stock purchase agreement (SPA) for a total 70.6%—the 51% equity in SK Siltron directly held by SK Corp., plus 19.6% tied up through a total return swap (TRS) contract with SK Corp. The 29.4% equity tied up through a TRS with SK Group Chairman Chey Tae-won is expected to be acquired within the year under a separate contract.
The sale of Chey's equity is proceeding separately from SK Corp.'s equity sale. To avoid the risk of controversy that Chey is trying to profit by riding on the sale of the control stake, the two contracts are understood to be proceeding independently.
Industry sources say the total size of the transaction is known to be in the mid-5 trillion won range. Given that the value of SK Corp.'s 70.6% equity had been cited at around 4 trillion won, a simple calculation puts the estimated value of Chey's equity at around 1.5 trillion won.
If we assume SK Corp.'s 70.6% equity is finalized at 4 trillion won, the 100% enterprise value would be about 5.7 trillion won. If Chey's 29.4% equity is assumed to sell for 1.5 trillion won, the 100% translated value would be about 5.1 trillion won. In that case, Chey's equity would be seen as carrying a somewhat lower premium than SK Corp.'s equity. However, as the value of Chey's equity is not yet finalized, it may be adjusted.
The transaction inevitably draws market interest because it connects to past controversy over the acquisition of SK Siltron equity. In 2017, as SK Corp. acquired LG Siltron, Chey acquired the remaining 29.4% in a personal capacity, which sparked allegations of usurpation of corporate opportunity. The issue led to sanctions by the Korea Fair Trade Commission and administrative litigation by SK Corp. and Chey.
A capital markets attorney said, "If Chey sells his equity at the same price as SK Corp.'s control stake, SK Corp. shareholders could think, 'Why are we sharing the control premium we should receive with the group head?' and the Korea Fair Trade Commission (FTC)'s past sanction could resurface and become controversial again."
However, there is also a view that the likelihood of this transaction triggering an illegality controversy is limited because Chey ultimately won the administrative suit against the FTC. Last year, the Supreme Court concluded it was difficult to deem Chey's acquisition of SK Siltron equity as usurpation of corporate opportunity. Since past illegality in the acquisition process has already been rejected by the courts, this sale is unlikely to escalate into a legal issue if the pricing rationale is appropriate and board decision-making procedures are in place.
A capital markets attorney said, "If Chey had moved to sell his equity before the administrative suit ended, it would have been hard to avoid criticism that his personal acquisition was ultimately for profit-taking. But since the Supreme Court did not find illegality in the equity acquisition process, much of the legal burden tied to this sale can be seen as eased."
◇ Can 100% equity be treated as a "control package"?... Ball likely passed to Doosan
The legal community also notes that if this transaction is viewed as an "en bloc sale of control equity," it would be hard to fault applying the same premium to Chey's equity. If Doosan does not stop at securing 70.6% of SK Siltron but acquires effectively 100% including Chey's holdings, the entirety could be valued as a single control package rather than focusing on the character of individual stakes.
An attorney at a major law firm said, "If you look only at Chey's 29.4% equity, it is strongly a minority stake, but the calculus changes if it is sold together with SK Corp.'s holdings so that the acquirer secures 100%. As it can be assessed as part of a broader transaction involving a transfer of control, it is not immediately unreasonable even if the same premium is applied."
There is also speculation that SK Group and Chey will pass the ball on pricing to the buyer, Doosan. Because Doosan aims to fold SK Siltron into something close to a wholly owned subsidiary to simplify governance and secure stable control, the logic goes that acquiring the 29.4% tied by TRS with Chey as well is an inevitable choice to complete the transaction.
Industry watchers say the key will be the basis for valuing Chey's equity. The question is whether the board sufficiently reviewed the transaction structure and the pricing rationale to grant a premium to Chey's equity, and whether decisions were made in a way that does not infringe the interests of SK Corp.'s shareholders.
◇ SK Siltron equity sold in the "trillions": could it affect the divorce asset split?
Another point of interest is whether Chey's high-priced sale of SK Siltron equity will affect asset division with Roh Soh-yeong, director of Art Center Nabi.
In the appellate ruling in 2024 in Chey and Roh's divorce case, Chey's SK Siltron equity was valued at about 750 billion won, based on an appraisal from 2021. As SK Siltron is unlisted, with no public market price, supplementary valuation methods were applied in the appraisal. The 750 billion won figure is known to reflect deductions of several hundred billion won in costs, including TRS fees, from Chey's equity value.
However, Roh's side argues that the value of the assets subject to division should be recalculated as of the date the remand trial's pleadings conclude. By that logic, if the SK Siltron sale is completed before the remand trial's close of pleadings, Chey's SK Siltron equity value would also have to be reappraised to reflect the actual sale price.
Chey's side, on the other hand, argues that the valuation date for assets subject to partitioning is Apr. 16, 2024, the date the second-instance pleadings concluded before the case was vacated. They contend that no matter the price at which SK Siltron is sold, it cannot affect the value of the assets subject to sale.
Chey's side also argues that in last year's Supreme Court review of the divorce case, the court effectively ruled that SK Corp. shares are excluded from the assets subject to partitioning. If SK Corp. shares are out, then related assets such as SK Siltron equity also cannot be subject to partitioning, they say.
A legal industry source said, "While the Supreme Court did not make a definitive ruling, the SK Siltron acquisition contract was concluded purely for business reasons in 2017, when there was virtually no married life together. It is even less likely to be subject to division than SK Corp. shares."