IMM Investment / KB Balhae Infrastructure consortium acquires 49.9% of Boryeong LNG Terminal (49.9% stake) for KRW 559bn

FI Energy & Materials LNG terminal infrastructure

Deal value: $386m
Stake: 49.9%
Implied 100%: $773m
Revenue: $177m
Op. income: $65m
Multiples: EQV/EBIT 11.9xPSR 4.4x

Target: Boryeong LNG Terminal (49.9% stake) · LNG terminal infrastructure
Buyer: IMM Investment / KB Balhae Infrastructure consortium · FI
Seller: SK Innovation
Structure: —
Announced: Nov 17, 2025
Closed: Dec 24, 2025
Stage: Closed

Target

Boryeong LNG Terminal is a private LNG import terminal set up 50:50 in 2013 by SK E&S (now SK Innovation E&S) and GS Energy, with 7 LNG tanks, 1 LPG tank and 2 berths, 1.4 million kL of storage and 7 million tonnes of annual throughput; its main customers are SK and GS group energy affiliates under 20-year-plus terminal use agreements.

Deal rationale

SK Innovation E&S named IMM Investment preferred bidder on 2 October 2025 and on 17 November signed an SPA to sell its 49.9% to an IMM Investment (about 36%, ~KRW 400bn) and KB Balhae Infra (14%, ~KRW 160bn) consortium for KRW 559bn. The Fact reported the sale as part of SK Innovation E&S's plan to raise KRW 8tn of capital this year by monetizing non-core assets to secure financial stability, with IMM agreeing to support a 20-year-plus terminal use agreement. Herald reported investors cited stable contract-backed cash flow and dividend returns. GS Energy took an additional 0.1% to become the largest shareholder.

구조조정·재무개선사업 재편·비핵심 매각

Revenue	$177m
Operating income	$65m
EBITDA	$138m
Net income	—

2024 · Multiple reports agree (not yet checked against DART)

Press coverage

아시아경제 (2025-11-17): “IMM인베스트먼트와 KB발해인프라 컨소시엄이 보령LNG터미널을 5590억원에 인수하기로 했다.”
헤럴드경제 (2025-11-20): “잔금납입 등 거래종결은 내달 이뤄질 것으로 예상된다.”
딜사이트 (2026-02-25): “지난해 12월 SK이노베이션이 보유 중이던 보령LNG터미널 지분 50% 가운데 49.9%를 IMM인베스트먼트-KB발해인프라 컨소시엄에”
딜사이트 (2025-10-02): “SK이노베이션 E&S가 보유한 지분 50% 가격은 5500억~6000억원에서 결정될 것으로 알려졌다.”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.