SKC acquires 45.03% of ISC Co. for KRW 522.5bn
- Deal value
- $360m
- Stake
- 45.03%
- Implied 100%
- $800m
- Revenue
- $123m
- Op. income
- $39m
- Multiples
- EQV/EBIT 20.8xPSR 6.5x
Deal value ÷ stake (structure unconfirmed)
2022 연결 · DART-verified
2022 연결 · DART-verified
On implied equity value
DART 20230323001540
- Target
- ISC Co. · Semiconductor back-end test sockets
- Buyer
- SKC · SI
- Seller
- Helios PE fund No.1 and others
- Structure
- —
- Announced
- Jul 7, 2023
- Closed
- Oct 4, 2023
- Stage
- Closed
Target
Founded in 2001, ISC makes semiconductor test solutions, mainly test sockets used to electrically inspect packaged chips. It commercialized silicone-rubber sockets in 2003, holds over 50% of that market, and has a Vietnam production base and 500+ patents.
Deal rationale
SKC said the deal strengthens its back-end business within semiconductor materials/parts, one of its three growth pillars, and that it will use ISC as a platform for further M&A (Smart Today). An SKC official said the acquisition would help it become a 'global ESG materials solution company'. Yonhap reported SK Securities' view that a sale was natural since ISC's largest shareholder was a financial investor, and ISC expected higher socket share at SK hynix. Seller Helios PE had bought a 31.75% stake for about KRW 148.5bn in May 2021 (press reports).
| Revenue | $123m |
| Operating income | $39m |
| EBITDA | — |
| Net income | — |
2022 연결 · DART-verified · 20230323001540
Press coverage
- 파이낸셜뉴스 (2023-07-10): “ISC 지분 45.03%를 5225억원에 인수키로”
- 스마트투데이 (2023-07-07): “SKC, ‘반도체 테스트 솔루션’ ISC 인수한다”
- StockAnalysis (재무 데이터) (): “FY 2022 revenue 178,871 million KRW”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.