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[Alpha Biz= Kim Jisun] SK Group Looks to Sell Stake in Semiconductor Subsidiary
SK Group is moving forward with plans to sell a controlling stake in its semiconductor wafer manufacturing subsidiary, SK Siltron, according to sources in the investment banking (IB) industry on Tuesday.
SK Inc., the holding company of the group, is reportedly in talks with major private equity firms including Hahn & Company over a potential sale. Market analysts estimate SK Siltron’s enterprise value could reach up to 5 trillion won (approx. $3.7 billion).
SK Inc. currently holds a direct 51% stake in SK Siltron, while the remaining 49% is held by a special purpose company (SPC) formed by NH Investment & Securities, Korea Investment & Securities, and Samsung Securities. Of this, 29.4% is effectively owned by SK Group Chairman Chey Tae-won through a total return swap (TRS), while SK Inc. is linked to the remaining 19.6% via the same structure.
The stake under negotiation includes SK Inc.’s direct 51% as well as the 19.6% tied to its TRS, amounting to roughly 70% ownership. Should the deal go through, SK Inc. could raise over 3.5 trillion won in cash.
Kakao Considers Sale of Entertainment Arm
Meanwhile, Kakao is reportedly exploring the sale of its controlling stake in its entertainment subsidiary, Kakao Entertainment, which has long been a candidate for an IPO.
According to industry sources, Kakao recently sent a letter to major shareholders of Kakao Entertainment expressing interest in a potential sale.
Kakao currently owns 66.03% of Kakao Entertainment, with the rest held by a mix of financial and strategic investors. Hong Kong-based Anchor Equity Partners holds approximately 12%, making it the second-largest shareholder.
Market expectations put Kakao Entertainment’s enterprise value at around 11 trillion won. The company had previously secured a 1.2 trillion won investment from Saudi Arabia’s Public Investment Fund (PIF) and Singapore’s GIC in 2023, based on a valuation of 10.5 trillion
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
