This article was displayed on the ChosunBiz MoneyMove (MM) site at 1:47 p.m. on Jul. 15, 2026.
With MBK Partners pushing to sell NexFlex, a maker of flexible copper-clad laminate (FCCL), two global materials corporations have recently jumped into the competition and begun due diligence, according to assessments. Following Taekwang Industrial, two more overseas corporations have joined the race, reshaping the deal into a contest among strategic investors (SI).
According to the investment banking (IB) industry on the 15th, multiple SIs and financial investors (FIs) are proceeding with steps such as submitting letters of commitment (LOC) and conducting due diligence to acquire control of NexFlex. Some potential buyers are also moving to form alliances with one another. The sell-side advisor is Deutsche Bank.
Industry sources said the hoped-for sale price for NexFlex is reported to be more than 900 billion won. The company's EBITDA last year was 85.1 billion won, and this year it is widely expected to exceed 100 billion won.
There are believed to be at least three SIs currently interested in and pursuing an acquisition of NexFlex. In Korea, Taekwang Industrial is pushing to team up with an FI to join the bidding, and two global materials corporations have also joined and are conducting due diligence. In addition, a Chinese corporation is said to have pursued an acquisition until recently.
Among FIs, Busan Equity Partners (EP) and the growth institutional sector of STIC Investments have joined the fray. In the case of STIC Investments, it is looking for another FI or SI to team up with for a joint acquisition. Separately, Affirma Capital is known to have recently completed even on-site due diligence.
FCCL is a key material for flexible printed circuit boards (FPCB). Demand used to center on the smartphone market, but as applications expand to artificial intelligence (AI) smartphones, AI data centers, and Extended Reality (XR) devices, assessments say FCCL's strategic value is also rising.
The market expects NexFlex to also benefit from these industry shifts. As high-performance graphics processing units (GPUs), AI servers, and high-density packaging technologies spread, demand will inevitably grow for high-spec FCCL suited for high-speed signal transmission and miniaturization.
There are also increasing new demand sources. NexFlex is said to have recently begun supplying FCCL samples for Tesla's Humanoid Robot project. Although it is still in the early stage, if it leads to mass production, observers say it could become a new growth driver.
An IB industry official said, "While FIs often value corporations based on current performance, SIs frequently price in mid- to long-term market dominance and business synergies as well," adding, "As SIs have successively jumped into the NexFlex bidding, the key question is how their participation will affect the company's valuation."
IB 업계 관계자는 "FI가 현재 실적을 중심으로 기업가치를 평가한다면, SI는 중장기 시장 지배력과 사업 시너지까지 함께 고려해 몸값을 산정하는 경우가 많다"며 "넥스플렉스 인수전에 SI들이 잇달아 뛰어든 만큼, 이들의 참전이 기업가치에 어떤 영향을 미칠지가 관건"이라고 말했다.