SK ecoplant to Acquire Samkang M&T for KRW 459.5bn, Expanding into Offshore Wind
31.83% stake secured; 2021 cumulative M&A spend reaches KRW 1.07tn
- Deal value
- $390m
- Stake
- 31.83%
- Implied 100%
- $996m
- Revenue
- $295m
- Op. income
- $20m
- Multiples
- EQV/EBIT 49.8xPSR 3.4x
Deal value ÷ stake (structure unconfirmed)
2020 연결 · DART-verified
2020 연결 · DART-verified
On implied equity value
DART 20210318000211
- Target
- Samkang M&T · Offshore wind substructures
- Buyer
- SK ecoplant · SI
- Seller
- —
- Structure
- —
- Announced
- Nov 18, 2021
- Closed
- —
- Stage
- Closed
Target
Samkang M&T is a KOSDAQ-listed manufacturer of offshore wind substructures that support wind turbines, with one of Korea's larger yards and quays and in-house production of heavy-wall steel pipe. Reported customers include the Taiwanese market, Orsted (Denmark), Jan De Nul (Belgium) and Keppel (Singapore).
Deal rationale
SK Ecoplant said its board approved an SPA on 18 Nov 2021 to acquire a 31.83% stake (about KRW 342.6bn) plus convertible bonds (about KRW 116.9bn). The company said the deal secured offshore-wind substructure manufacturing capability under its stated transition to an "environment and energy solutions company," with plans to expand capacity for Northeast Asian demand; CEO Park Kyung-il said it provided an opportunity to take an early position in the offshore wind market.
| Revenue | $295m |
| Operating income | $20m |
| EBITDA | — |
| Net income | — |
2020 연결 · DART-verified · 20210318000211
Lead
SK ecoplant is acquiring Samkang M&T, a specialist in offshore wind substructures, for KRW 459.5bn (USD 390m). According to a November 17 disclosure, SK ecoplant will subscribe to a KRW 292.5bn third-party allotment of new shares issued by Samkang M&T and acquire existing shares held by chairman Song Moo-seok and others for KRW 50bn, securing a 31.83% stake. Adding a KRW 116.9bn convertible bond subscription, total cash outlay reaches KRW 459.5bn. Samkang M&T is a KOSDAQ-listed company with a market capitalisation of KRW 863.2bn at today’s close.
Why this matters
SK ecoplant is signalling a decisive expansion from waste management into offshore wind, broadening its footprint across the environmental and energy infrastructure space. Cumulative M&A spend this year has reached KRW 1.07tn.
[!key] The Samkang M&T deal could mark an inflection point in SK ecoplant’s transition from a pure-play waste handler into an integrated environmental and renewable energy infrastructure player. The trillion-won cumulative bet reads as a valuation re-rating exercise ahead of an expected IPO.
Strategic context
SK ecoplant’s 2021 M&A activity breaks down along two axes. The first is consolidation in waste intermediate processing. In June, the group acquired a bundle including Daewon Green Energy and Saehan Environment from E&F PE, Klenco from Macquarie Asset Management, and DDS from KDB Investment & Securities PE for roughly KRW 400bn. In July, it added Doshi Environment, E-Medi One and Green Environment from Korea Investment Private Equity for around KRW 210bn. Across June and July, more than KRW 610bn was deployed into seven waste assets. The second axis, opened by the Samkang M&T deal, is offshore wind. Wind turbine substructures are a critical component of offshore wind EPC projects, and bringing in-house manufacturing capacity carries strategic weight for SK ecoplant, which already holds the construction capability.
| Date | Target | Seller | Size | Segment |
|---|---|---|---|---|
| 2021.06 | Daewon Green Energy, Saehan Environment and 4 others | E&F PE, Macquarie, KDB PE | c. KRW 400bn | Waste |
| 2021.07 | Doshi Environment, E-Medi One, Green Environment | Korea Investment PE | c. KRW 210bn | Waste |
| 2021.11 | Samkang M&T | Chairman Song et al., new shares | KRW 459.5bn | Offshore wind |
What’s next
With an IPO in its sights, SK ecoplant is likely to keep building scale across environmental and renewable energy verticals. In waste, remaining PE-held assets rumoured to be on the block bear watching; in offshore wind, potential bolt-ons across the value chain — cables, installation vessels, O&M — are the next set piece. For Samkang M&T itself, the arrival of SK ecoplant’s balance sheet should make capacity expansion and overseas order intake the near-term momentum drivers.