SK Siltron postponed the preliminary bidding for the sale of its management rights. The sale amount (equity value) is estimated to be up to 3 trillion won, and it is known that Han & Company, STIC Investments, and IMM Private Equity (PE) are likely participants.
According to investment banking (IB) industry sources on the 9th, the preliminary bidding for the sale of SK Siltron, scheduled for this day, has been postponed. An SK Group official said, “We decided not to close by receiving letters of intent (LOI) until today and to leave more opportunities open,” and added, “However, we cannot confirm whether there are any bidders participating in today’s bidding.”
Industry sources indicate that the likelihood of Han & Company, STIC Investments, and IMM PE participating in the acquisition contest is very high. IMM PE has recently been contemplating its participation in the SK Siltron acquisition contest, and it is reported that approval has been granted by its internal investment review committee (IC).
Earlier, in early April, industry sources reported that SK Group was negotiating with private equity firms to sell a 70.6% stake in its subsidiary, SK Siltron.
The sale of SK Siltron by SK Group is part of a restructuring effort initiated since last year. If SK Siltron is sold with a corporate value (EV) of 5 trillion won, the equity acquisition amount, excluding liabilities, is estimated to be between 2.5 trillion and 3 trillion won. In this case, SK Group is expected to secure a total of more than 5 trillion won, including the 2.63 trillion won obtained from the previous sale of SK Specialty.