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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Acquisition financing discussions for SK Siltron, targeted by Doosan Group, have been fully suspended as negotiations between the parties stall, raising concerns over whether the deal can proceed under current terms.
According to financial industry sources on June 16, SK Group has begun reconsidering the sale of SK Siltron, prompting Korea Development Bank and Woori Bank to halt plans to provide acquisition financing worth 2.5 trillion won to Doosan.
The total equity value of SK Siltron—100% owned by SK Inc. (70.6%) and Chairman Chey Tae-won (29.4%)—is estimated at around 5 trillion won. Doosan had planned to finance approximately half of the deal through external funding.
SK Group had selected Doosan as the preferred bidder in December last year as part of its broader business restructuring. However, negotiations were abruptly suspended on May 28, just ahead of the expected signing of a share purchase agreement (SPA). In a recent filing, SK said that “detailed terms will be determined through discussions with the preferred bidder,” without providing further specifics.
Market participants point to disagreements over valuation as a key factor behind the delay. With the growing importance of semiconductor wafers amid the AI-driven memory supercycle, differences have reportedly emerged over the asset’s fair value.
Within SK Group, there are views that SK Siltron’s strategic value should be reassessed, particularly in light of increasing investments in AI and high-bandwidth memory (HBM). Despite weak near-term earnings, some argue that the wafer market is expected to recover with a lag, warranting a higher valuation.
On the buyer side, however, concerns remain over recent financial performance. SK Siltron reported EBITDA of 459.3 billion won last year, down 28.2% year-on-year, while first-quarter EBITDA fell 31.7% to 72 billion won. Net debt also increased 17.8% to 242.4 billion won, underscoring the gap in expectations between the two sides.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
