SK Siltron, valued at 5 trillion won, has been acquired by Doosan Group. This acquisition completes the final piece of Doosan Chairman Park Jung-won's strategy for vertical integration in the semiconductor sector, encompassing everything from wafer production to electronic materials and post-processing testing.
On July 31, SK held a board meeting and approved the sale of a 70.6% stake in SK Siltron to Doosan for 2.3 trillion won. A stock purchase agreement (SPA) is expected to be signed soon, followed by the necessary regulatory approvals.
Investment banks estimate SK Siltron's enterprise value at 5 trillion won. The two parties have agreed to a transaction price of approximately 2.3 trillion won for 70% of the company, excluding 2 trillion won in net debt.
The sale includes a 51% stake directly held by SK and an additional 19.6% acquired through a total return swap (TRS) agreement. The remaining 29.4% stake held personally by SK Group Chairman Chey Tae-won is not included in this board decision, but it is likely that Doosan will pursue a separate agreement to acquire it later. If Doosan secures Chey's stake, it will own 100% of SK Siltron, which is valued at approximately 900 billion won.
This transaction comes about seven months after Doosan was selected as the preferred bidder for SK Siltron in December 2025. Initially, both parties aimed to finalize the deal in the first half of 2026, but delays occurred as they reassessed SK Siltron's value amid a recovering semiconductor market and increasing demand for AI semiconductors.
SK Siltron is the only domestic company specializing in the production of silicon wafers, which serve as the foundation for semiconductor chips. It manufactures 200mm (8-inch) and 300mm (12-inch) silicon wafers, as well as silicon carbide (SiC) wafers used in electric vehicles and renewable energy power semiconductors. Its 300mm silicon wafer single crystal growth technology is designated as a national core technology, and the company ranks among the top three globally.
Doosan anticipates that the Siltron wafer business can achieve an average annual growth rate of around 7%, setting a revenue target of approximately 3 trillion won by 2031. A Doosan representative stated, "This acquisition contract secures future growth engines for Doosan while establishing a sustainable revenue base. Siltron will not be listed, and we will focus on enhancing shareholder value based on a stable business portfolio."
With the acquisition of SK Siltron, Doosan is strengthening its semiconductor business, which it has identified as a new growth pillar. Chairman Park Jung-won has been expanding the group's portfolio beyond its traditional heavy industry focus to include semiconductors and advanced materials.
In 2022, Doosan acquired the semiconductor post-processing testing company Tesna for approximately 460 billion won and renamed it Doosan Tesna. Doosan Tesna is responsible for system semiconductor wafer testing and package testing. Doosan's Electronics BG produces copper-clad laminates (CCL) used in semiconductor packaging, AI accelerators, and data center servers.
With the addition of SK Siltron's wafer business, Doosan has established a comprehensive structure that includes wafer production, electronic materials for packaging and substrates, and post-processing testing. Future synergies are expected in research and development, customer collaboration, and investment efficiency among SK Siltron, Doosan Electronics BG, and Doosan Tesna.
Securing funding for this large-scale acquisition is a challenge for Doosan. The company is expected to combine its own cash, borrowings from financial institutions such as the Korea Development Bank, and asset liquidations from its affiliates to finance the acquisition. Given that the transaction size is among the largest in Doosan Group's history of mergers and acquisitions, managing financial burdens post-acquisition will be crucial.
SK plans to use the substantial cash influx from this sale to improve its financial structure and invest in future growth businesses. The SK Group is undertaking a rebalancing effort to streamline non-core assets and focus on key sectors such as AI, semiconductors, and energy.
SK Corp. stated in a disclosure that the purpose of the stake transfer is to secure resources for enhancing financial soundness and future growth drivers.
Following the signing of the stock purchase agreement, both parties will proceed with the Fair Trade Commission's review of the merger and the Ministry of Trade, Industry and Energy's approval related to national core technologies. If the transaction concludes as planned, SK Siltron will transition to a Doosan Group affiliate approximately nine years after being integrated into the SK Group in 2017.
* This article has been translated by AI.
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