Doosan Signs $1.6bn Deal for 70.6% of SK Siltron
Doosan buys SK Inc.'s 51% plus 19.6% held via a total return swap, with an earn-out to SK through 2034; Chey Tae-won's personal 29.4% will be negotiated separately.
- Deal value
- $1.6bn
- Stake
- 70.6%
- Implied 100%
- $2.2bn
- Revenue
- $1.4bn
- Op. income
- $133m
- Multiples
- EQV/EBIT 16.9xPSR 1.6x
구주
Secondary KRW 2.3tn ÷ 70.6% stake (excl. earn-out)
2025 연결 · DART-verified
2025 연결 · DART-verified
On implied equity value
DART 20260331003949
- Target
- SK Siltron · Semiconductor silicon wafers
- Buyer
- Doosan Corp. · SI
- Seller
- SK Inc. (incl. 19.6% held via TRS)
- Structure
- Secondary
- Announced
- Jul 31, 2026
- Closed
- —
- Stage
- Signed
Target
Semiconductor silicon wafer maker founded in 1983 and brought into SK Group in 2017; ranks about third globally in 300mm wafers with customers including SK hynix. Its loss-making SiC wafer subsidiary (SK Siltron CSS) is to be liquidated after the deal (InvestChosun, Seoul Shinmun).
Deal rationale
SK Inc. stated the purpose as 'securing funds to improve financial soundness and secure future growth engines' (Money Today, Seoul Shinmun). Doosan said adding wafers to its back-end test unit Doosan Tesna extends its semiconductor value chain from materials to back-end, and that it will not list SK Siltron separately, targeting KRW 3tn revenue by 2031 through capacity expansion and higher-value wafers (Seoul Shinmun). The SPA includes an earn-out paying 40% of EBITDA above annual thresholds (2027–2034) multiplied by the stake (MTN). Chairman Chey's 29.39% stake is subject to separate negotiation (InvestChosun).
| Revenue | $1.4bn |
| Operating income | $133m |
| EBITDA | — |
| Net income | -$203m |
2025 연결 · DART-verified · 20260331003949
Lead
Doosan Corp. signed a share purchase agreement with SK Inc. on 31 July 2026 to buy 70.6% of semiconductor wafer maker SK Siltron for $1.6bn. The stake comprises the 51.0% SK Inc. holds directly and 19.6% it holds through a total return swap (TRS). Doosan had been named preferred bidder in December 2025, about seven months earlier.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is one of the main non-core asset sales in SK Group’s restructuring. The deal includes an earn-out that pays SK Inc. more through 2034 depending on SK Siltron’s results and asset sales. Chairman Chey Tae-won’s personal 29.4% stake is not part of this deal and will be negotiated separately.
Strategic context
Adding wafer manufacturing to its chip-testing company Doosan Tesna gives Doosan a chain from materials to back-end processing. Doosan said it has no plans to list SK Siltron and is targeting $2.1bn of revenue by 2031.
| Item | Figure |
|---|---|
| 2025 revenue (consolidated) | $1.4bn |
| 2025 operating income | $133.2m (2024: $217.6m) |
| 2025 net income | loss of $202.5m |
| Implied 100% equity value from the price | about $2.2bn (excluding the earn-out) |
Financials from the DART 2025 annual report. InvestChosun reported a whole-company value of about $3.8bn, which differs from this simple calculation; net debt and the earn-out would change the figure.
What’s next
Merger filings have been made with the Korea Fair Trade Commission and competition authorities in the US, China and Austria. Closing is expected as early as the end of 2026.