(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Jisun] SK Innovation and SK E&S have finalized their merger following a decisive vote at an extraordinary general meeting held on August 27 at the SK Seorin Building in Seoul. The merger agreement was approved with 85.75% of attending shareholders voting in favor. Despite opposition from the National Pension Service, the merger passed overwhelmingly, with 95% of foreign shareholders supporting the move.

The official merger date is set for November 1. The combined entity will become the largest private energy company in the Asia-Pacific region, with SK Innovation's assets and annual revenue totaling ₩86 trillion and ₩77 trillion, respectively, and SK E&S contributing assets worth ₩19 trillion and annual revenue of ₩11 trillion. The merger is expected to significantly enhance the competitiveness of the company's portfolio, combining SK Innovation's petroleum and battery businesses with SK E&S's LNG and renewable energy operations.

SK Innovation has already initiated steps to maximize the synergy from the merger, with a task force actively working on integration strategies. The company aims to generate over ₩2.2 trillion in EBITDA synergy by 2030, with a total EBITDA target of ₩20 trillion.

 

 

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