SK Ecoplant Sells Environmental Subsidiaries to KKR, Restructures Business Around AI
Sale Amount Estimated at KRW 1.78 Trillion
Divestment of Shares in Renewus, Renewon, and Renew Energy Chungbuk
SK Ecoplant will sell 100% of its shares in three environmental subsidiaries to the global private equity fund (PEF) manager Kohlberg Kravis Roberts (KKR). The company plans to reduce the scale of its environmental business while strengthening its focus on advanced industries such as semiconductors and artificial intelligence (AI).
On August 20, SK Ecoplant announced that it had signed a share purchase agreement (SPA) with KKR to sell 100% of its shares in three environmental subsidiaries: Renewus, Renewon, and Renew Energy Chungbuk. The value of the sale is approximately KRW 1.78 trillion. For Renewus and Renew Energy Chungbuk, SK Ecoplant plans to acquire the remaining shares before selling them all at once.
Previously, SK Ecoplant entered the environmental sector by acquiring water treatment company Renewus and waste management company Renewon. However, both companies recorded net losses last year-KRW 30.5 billion and KRW 98.9 billion, respectively-leading to continued poor performance. As SK Group undertook a group-wide business rebalancing, this resulted in the decision to sell the shares.
It is known that SK Ecoplant negotiated with both KKR and domestic firm STIC Investments regarding the sale of its environmental subsidiaries. During the negotiation process, KKR reportedly offered a relatively higher price.
With this share sale, SK Ecoplant aims to improve its financial structure and strengthen its business portfolio centered on advanced industries such as semiconductors and AI data centers. In May, the company decided to incorporate four SK Group subsidiaries related to semiconductor materials to further enhance its semiconductor and AI business portfolio. These subsidiaries, which operate under SK Materials, an in-house independent company (CIC) of SK, include SK Trichem, SK Resonac, SK Materials JNC, and SK Materials Performance. These companies produce specialty gases and precision materials used throughout the semiconductor manufacturing process. Their combined sales last year are estimated to be around KRW 350 billion. The incorporation is expected to be completed within the year. Last year, SK Ecoplant also incorporated SK Airplus, an industrial gas company, and Essencore, a semiconductor module company, as subsidiaries.
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An SK Ecoplant representative stated, "Through this rebalancing, we will enhance our financial soundness and further strengthen our business portfolio centered on advanced industries such as semiconductors and AI."
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