SK Innovation said on Wednesday that it sold 40% of its stake in SK Lubricants to IMM Credit Solution.
SK Lubricants was valued at 3.3 trillion won by the pair. The stakes were sold at 1.1 trillion won minus debts. Citigroup Global Markets Korea Securities underwrote the deal.
SK Innovation said it will collaborate with IMM, now the second largest shareholder of SK Lubricants, to grow the business.
The business sells base oil and lubricants. It has also launched lubricant products for use in electric cars.
SK Lubricants recorded 2.68 trillion won in sales and 262.2 billion won in operating income last year.