Doosan Group moved closer to acquiring SK Siltron Co., the world’s third-largest semiconductor wafer producer, after SK Inc. selected the industrial conglomerate as its preferred negotiating partner for a 70.6% stake sale.
The transaction, disclosed Dec. 17, values SK Siltron at approximately ₩5 trillion ($3.4 billion), with the stake purchase expected to cost between ₩3 trillion and ₩4 trillion ($2.0-2.7 billion). Whether SK Group Chairman Chey Tae-won’s remaining 29.4% holding will be included remains undetermined.
Doosan prevailed over several private equity contenders, including Hahn & Co., MBK Partners, IMM Private Equity and STIC Investments, whose earlier negotiations reportedly collapsed over pricing disagreements.
The deal would represent Doosan’s most ambitious acquisition since purchasing Bobcat in 2007, extending its semiconductor push following the ₩460 billion ($312 million) Doosan Tesna purchase in 2022. SK Siltron, Korea’s only silicon wafer manufacturer, ranks third globally in 12-inch wafers behind Japan’s SUMCO and Shin-Etsu Chemical.
However, financing presents a notable obstacle. Doosan Corp. holds roughly ₩200 billion ($136 million) in cash, far short of the acquisition price. The company is reportedly exploring leveraged financing and potential consortium arrangements with financial partners.
SK Inc. indicated final terms would be determined through negotiations, with a follow-up disclosure expected within three months.
