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Doosan Corp. to buy 38.7 percent of Tesna for 460 billion won

Published: 08 Mar. 2022, 19:18

Doosan Corporation agreed to acquire 38.7 percent of Tesna, a leading chip test company in Korea, for 460 billion won ($373 million), a deal the buyer described as a move to enter the semiconductor business.

The company announced on Thursday that the two parties signed the sales-purchase agreement.

Founded in 2002, Pyeongtaek, Gyeonggi-based Tesna provides test services for processors, image sensors and wafers.

In the wafer test area, Tesna claims the largest market share, and its main clients include Samsung Electronics and SK hynix.

The test company benefits from a boom in the chip industry that is largely driven by pandemic-related purchase of electronic devices.

Tesna posted a 76.8 percent growth in operating profit last year and a 56.6 percent increase in sales to 207.5 billion won.

Doosan's business has been centered on machinery, energy and construction. With the acquisition, the company hopes to develop the semiconductor business into one main pillar in its business portfolio.

"We plan to solidify competitiveness of Tesna through substantial investment," according to the statement released by Doosan Corporation.

"In the mid-to-long term, we will gradually transform into a company specializing in the back-end processing of chips by acquiring a high-end packaging technology."

Doosan has entered the antenna module business with Movandi, an Irvine, California-based network technology company, shipping the first batch of antenna modules for 5G connectivity.

The modules will be installed in 5G repeaters, network equipment designed to amplify radio signals and help extend coverage in 5G cellular networks.

BY PARK EUN-JEE [[email protected]]