Lotte Chemical (via Lotte Battery Materials USA) acquires 53.3% of Iljin Materials (Lotte Energy Materials) for KRW 2.7tn
- Deal value
- $1.9bn
- Stake
- 53.3%
- Implied 100%
- $3.5bn
- Revenue
- $475m
- Op. income
- $48m
- Multiples
- EQV/EBIT 72.5xPSR 7.4x
Deal value ÷ stake (structure unconfirmed)
2021 연결 · DART-verified
2021 연결 · DART-verified
On implied equity value
DART 20220318001055
- Target
- Iljin Materials (Lotte Energy Materials) · Battery copper foil
- Buyer
- Lotte Chemical (via Lotte Battery Materials USA) · SI
- Seller
- Chairman Huh Jae-myung and related parties
- Structure
- —
- Announced
- Oct 11, 2022
- Closed
- —
- Stage
- Closed
Target
Iljin Materials produces elecfoil (copper foil) for secondary-battery anode current collectors, with 60,000 tonnes of annual capacity in Korea and Malaysia, reported as No.1 in Korea and No.2 globally after SK Nexilis. It planned to expand to 230,000 tonnes by 2027 across Malaysia, Spain and the US.
Deal rationale
Lotte Chemical said the acquisition would complete its EV battery core-materials value chain, and chemical-group CEO Kim Gyo-hyun cited Iljin's technology, including the world's first ultra-high-strength copper foil. The acquiring vehicle, Lotte Battery Materials USA, was set up for synergies in US and European battery-material markets. On the sell side, Newdaily reported the controlling shareholder disclosed it was 'reviewing various strategic options including a stake sale,' and quoted an industry source saying intensifying competition and capex burden may have played a role. Seoul Economic Daily reported Lotte Holdings and Lotte Property & Development would inject KRW 1.2tn into Lotte Chemical via a rights issue to support the deal.
| Revenue | $475m |
| Operating income | $48m |
| EBITDA | — |
| Net income | — |
2021 연결 · DART-verified · 20220318001055
Press coverage
- 이코노미스트 (2022-10-11): “2조7000억원의 주식 매매 계약(지분 53.3%)을 체결했다고 11일 밝혔다.”
- 아이뉴스24 (2022-10-11): “2조7천억원의 주식매매계약(지분 53.3%)을 체결했다고 밝혔다”
- 서울경제 (2022-12-30): “경영권 지분 53.5%에 2조 7000억 원을 베팅했다.”
- 머니투데이 (2023-03-14): “롯데케미칼, 일진머티리얼즈 품었다”
- 경향신문 (2023-03-14): “일진머티리얼즈, ‘롯데에너지머티리얼즈’로 새출발”
- 뉴데일리경제 (2022-05-26): “지난해 약 6889억 매출액, 영업이익 699억원 기록했다.”
- 비즈한국 (2022-11-18): “인수자금 중 1조 원은 내부자금으로 조달하고 나머지 1조 7000억 원은 외부 자금으로 조달하는 방안을 금융기관과 논의하고 있다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.