Doosan raised 947.7 billion won by using equity in its subsidiary Doosan Robotics. It is seen as having begun in earnest to secure acquisition funds after being selected as the preferred bidder to acquire SK Siltron on the 17th.
According to the Financial Supervisory Service's electronic disclosure system on the 23rd, Doosan disclosed that it held a board meeting that day and decided to dispose of 11.7 million shares of Doosan Robotics it holds.
The disposal amount is 947.7 billion won, which is equivalent to 7.97% of Doosan's equity. The method is a price return swap (PRS). Under a PRS, if the stock price at settlement is lower than the reference price, Doosan pays the difference; if it is higher, it receives the gains as dividends under the derivatives contract. The reference price for this contract is 81,000 won, and the term is three years. As a result, Doosan's equity stake in Doosan Robotics will decline from about 68% to 50.06% (32,449,038 shares).
Doosan said the purpose of this equity disposal is "to secure funds for M&A investments and improve the financial structure." The industry expects the funds to be used for the SK Siltron acquisition.
Doosan said on the 17th that it was selected as the preferred bidder to acquire 70.6% equity in SK Siltron held by SK Inc. The market values SK Siltron at more than 5 trillion won, and the price for the equity up for acquisition is estimated at between 3 trillion and 4 trillion won. Doosan is expected to raise the remaining funds through acquisition financing, including the 947.7 billion won secured via this PRS.
This fundraising aligns with Doosan Group's strategy to reshape its business portfolio. Doosan is fostering semiconductors as a new core pillar for the group, following energy and machinery.
If Doosan completes the acquisition of SK Siltron, which ranks third in the global wafer market by share, it will enable vertical integration of its semiconductor business. The structure would link SK Siltron, a wafer manufacturer, with Doosan TESNA, Korea's No. 1 corporation in back-end semiconductor testing acquired in 2022, and the Electron BG (Electronics Business) division that produces semiconductor materials (CCL), creating synergies.