SK selects Hahn & Company as preferred bidder for sale of SK Specialty

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SK selects Hahn & Company as preferred bidder for sale of SK Specialty

Published: 30 Sep. 2024, 18:33 Updated: 30 Sep. 2024, 18:34

PARK EUN-JEE
park.eunjee@joongang.co.kr

SK's headquarters in central Seoul [NEWS1]

SK selected Korean private equity firm Hahn & Company as a preferred bidder for the sale of a controlling stake in its wholly-owned specialty gas manufacturer in a deal that could fetch at least 1 trillion won ($762 million).

An SK spokesperson declined to comment about the specific amount of equity it could sell, but confirmed the size will surpass 1 trillion won given that the unit intends to sell a controlling stake to make a suitor the largest shareholder.

The Korean company aims to sign an official sales purchase agreement this year, following due diligence.

The move is part of the group’s broader efforts to restructure and enhance financial and managerial stability.

Markets estimate the entire value of SK Specialty at 4 trillion won.

SK cited bidding prices, willingness and conditions for the acquisition as the reason behind the selection.

SK Specialty manufactures specialty gases used in semiconductor and display panel production. The company commands 40 percent of the global market share for nitrogen trifluoride (NF3), a key gas used in wafer residue cleaning during chip production, according to the company.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]