Korea PI Holdings – a special purpose company set up by local private equity fund Glenwood PE – signed a 608 billion won (US$523 million) deal on Dec.24 to acquire a controlling stake in SKC Kolon PI.
Korea PI Holdings will buy 54.06-percent stake in SKC Kolon PI, with each buying a 27.03-percent stake from SKC Co. and Kolon Industries. The deal is scheduled to be completed by February, 2020.
Founded in 2008, SKC Kolon PI manufacturers polyimide film used in displays, semiconductors and electric vehicles. It was formed of as a joint venture between local chemicals company SKC and Kolon Industries.
Since then, revenues have been on the rise, hitting KRW 245.5 billion in 2018. SKC Kolon PI is also now the global leader in its sector. Recently, it has been expanding into areas such as 5G equipment, foldable phones and flexible OLEDs.
The acquisition comes on growing needs of both SKC and Kolon Industries for funding to finance its new or existing businesses. SKC needs up to 1.2 trillion won for acquiring a battery tech firm, while Kolon is looking to mass produce transparent PI film.
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