Samsung SDI Sells About 5% of Samsung Display for $3.1bn, the Largest Deal of Q3
An intra-group deal in which Samsung Display buys back its own shares, giving Samsung SDI cash for US battery plants, energy storage and solid-state batteries.
- Deal value
- $3.1bn
- Stake
- 5%
- Implied 100%
- $61.4bn
- Revenue
- $20.5bn
- Op. income
- $2.8bn
- Multiples
- EQV/EBIT 21.9xPSR 3.0x
구주
KRW 340,000/share × 261,825,475 shares (treasury buyback)
2025 연결 · DART-verified
2025 연결 · DART-verified
On implied equity value
DART 20260318000378
- Target
- Samsung Display · Display panels (OLED)
- Buyer
- Samsung Display (treasury shares) · 기타
- Seller
- Samsung SDI
- Structure
- Secondary
- Announced
- Aug 21, 2026
- Closed
- Aug 27, 2026
- Stage
- Closed
Target
Samsung Display is an unlisted subsidiary of Samsung Electronics that manufactures display panels, mainly OLED for smartphones, IT devices and automobiles. Per Samsung Electronics' earnings releases, its 2025 quarterly revenue was KRW 5.9/6.4/8.1/9.5 trillion and operating profit KRW 0.5/0.5/1.2/2.0 trillion.
Deal rationale
On 21 August 2026 Samsung SDI's board resolved to sell about 5% of Samsung Display (13,088,235 shares) to Samsung Display itself as treasury stock at KRW 340,000 per share, KRW 4.44999 trillion in total, stating the purpose as 'securing investment funds for future growth engines.' Seoul Shinmun reported the sale also improves SDI's capital structure, with proceeds expected to go toward the Synergy Cells battery plant in Indiana among other projects. SDI's remaining stake is 10.22% (26,768,419 shares).
| Revenue | $20.5bn |
| Operating income | $2.8bn |
| EBITDA | — |
| Net income | $3.7bn |
2025 연결 · DART-verified · 20260318000378
Lead
On 21 August 2026 Samsung SDI decided to sell 13,088,235 Samsung Display shares at KRW 340,000 each, $3.1bn in total, back to Samsung Display, which is buying them as treasury shares. The cash was paid on 27 August. Samsung SDI’s stake fell from about 15.2% to 10.22%.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is the largest Korean deal of the third quarter by Dealsite’s count. Although it is an intra-group deal with no outside buyer, it gives Samsung SDI, which lost more than $689.7m last year amid weak battery demand, a large amount of cash. Samsung SDI shares rose more than 8% on the day.
Strategic context
Samsung SDI plans to use the money for its US battery plants, energy storage systems (ESS) and solid-state batteries.
| Item (Samsung Display) | Figure |
|---|---|
| 2025 revenue (consolidated) | $20.5bn |
| 2025 operating income | $2.8bn |
| 2025 net income | $3.7bn |
| Implied 100% equity value at KRW 340,000 a share | about $61.4bn |
| Simple multiple | P/E about 17x |
Financials from the DART consolidated audit report. The implied 100% value is an estimate derived from the number of shares sold and the change in stake.
What’s next
No further approvals have been reported. How quickly Samsung SDI deploys the money is the next thing to watch.
Advisors: EY Han Young (buy-side financial), Samjong KPMG (sell-side financial), Deloitte Anjin (buy-side accounting), Shin & Kim (buy-side legal), Kim & Chang