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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] SK airplus, a subsidiary of SK ecoplant (formerly SK Engineering & Construction), is set to divest its industrial gas production facilities and CO₂ business unit in a deal estimated to be worth approximately KRW 1.3 trillion (around USD 1 billion), according to industry sources on May 29. The move is aimed at strengthening SK ecoplant’s financial stability ahead of its planned initial public offering (IPO).
SK airplus, a high-purity industrial gas supplier, is currently in the process of splitting and selling its gas manufacturing facilities located in Yongin and Cheongju, as well as the "RenuTech" unit that produces semiconductor-grade carbon dioxide. These facilities serve major semiconductor plants such as SK hynix’s M15 fab.
Potential buyers reportedly include Brookfield Asset Management and global private equity firm KKR. Brookfield is considered the leading candidate, and if final negotiations proceed as expected, the deal could be finalized by July.
The sale of these core semiconductor gas assets is seen as a strategic move to accelerate the IPO of SK ecoplant. In 2022, SK ecoplant secured a pre-IPO investment of around KRW 1 trillion, with a condition to complete its IPO by July 2026.
Once a construction-focused company, SK ecoplant has transformed into an environmental solutions provider by acquiring multiple renewable energy and waste management businesses. While an IPO was initially targeted for 2023, market volatility stemming from rising interest rates delayed the timeline.
With the IPO deadline now just over a year away, the company is stepping up efforts to enhance corporate value. Last year, semiconductor-related subsidiaries SK airplus and Essencore were folded into SK ecoplant. On May 12, SK Inc., the holding company of SK Group, approved a plan to contribute four semiconductor materials subsidiaries under the SK materials division—including SK Trichem, SK Resonac, SK Materials JNC, and SK Materials Performance—into SK ecoplant through in-kind contributions and other methods.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
