Pedestrians walk in front of Doosan headquarters in Seoul. (Yonhap)
Debt-ridden Doosan Group’s holding firm said Wednesday it has signed a memorandum of understanding with local private equity firm SkyLake Investment to sell a majority stake in its battery foil maker unit.
“Doosan Corp. has signed an MOU with SkyLake Investment with regards to the sale of Doosan Solus,” the construction-to-energy conglomerate said in a filing. “The company will immediately disclose the details of the stake transaction once the terms are finalized.”
Up for sale are 61 percent of Doosan Solus shares -- common and preferred stocks. The controlling stake is owned by the holding company, the group’s Chairman Park Jeong-won and affiliated persons.
Doosan Solus is dedicated to making electronic components such as copper foils for electric vehicles and organic light-emitting diodes.
Shares of the company remained flat Wednesday on the main bourse Kospi.
The news comes amid a self-rescue plan in exchange for the 3.6 trillion won ($3 billion) financial lifeline from state-run lenders including Korea Development Bank. Also in talks for sale are affiliates such as Doosan Engineering & Construction and Doosan Infracore, as well as properties such as Doosan Tower.
Founded in 2006, SkyLake Investment was managing roughly 1 trillion won assets as of end-2018, dedicated to buyout strategy and growth capital. The private equity house is led by CEO Chin Dae-je, former head of Samsung Electronics’ digital media division and minister of Information and Communication.
By Son Ji-hyoung (firstname.lastname@example.org