SK(034730) Group has decided to sell a 70.6% equity stake in its semiconductor wafer affiliate SK Siltron to Doosan. The sale price is 2.3 trillion won.
SK Inc. held a board meeting on the 31st and approved an agenda item to transfer all of its SK Siltron equity to Doosan.
The transaction targets a 51% equity stake in SK Siltron directly held by SK Inc. and a 19.6% stake over which it holds economic rights through a total return swap (TRS) contract.
In Dec. last year, SK Inc. selected Doosan as the preferred negotiating partner after evaluating corporate growth potential, job stability, and acquisition terms from multiple angles.
SK Siltron, founded in 1983, is Korea's only semiconductor wafer manufacturing corporations. Wafers are a key material that serves as the foundation for semiconductor chip production. Because every step of the front-end semiconductor process is carried out on the wafer surface, wafer quality has a significant impact on overall semiconductor production Production yield.
SK Siltron's sales last year were about 2 trillion won, and operating profit was around 400 billion won. In the global silicon wafer market, it ranks 4th to 5th by sales, and in the 300mm wafer market, it holds a 17%–19% share, placing it in 3rd among corporations.
An SK representative said, "We are disposing of the asset to improve financial soundness and to secure funds for future growth drivers."
A Doosan representative said, "With this acquisition agreement, Doosan has secured future growth drivers and, at the same time, established a sustainable revenue base," adding, "Siltron will not be listed, and we will work harder to enhance Doosan's shareholder value based on a stable business portfolio."
Meanwhile, the 29.4% equity stake in SK Siltron personally held by Chey Tae-won, chairman of SK Group, is expected to be negotiated separately after SK Inc.'s equity sale is finalized.