Hahn & Co., a major private equity firm based in South Korea, has acquired SK Specialty, a gas supplier under the country's chip-to-energy conglomerate, SK Group, at 2.7 trillion won ($1.86 billion).
The asset manager announced Monday it has signed a definitive stock purchase agreement with SK Group, agreeing to acquire an 85 percent stake in the affiliate that produces special gases used in semiconductor, liquid-crystal display and solar cell manufacturing processes. SK Group will continue to own the remaining 15 percent of the shares.
SK Group put the gas unit on the market amid its group-wide restructuring efforts to streamline the organization. Having close ties with SK Group through multiple deals, Hahn & Co. was selected as the preferred bidder in September.
“SK Specialty is a world-class business that supplies critical products and services to some of the most promising companies globally," Hahn & Co. CEO Scott Sang-Won Hahn said.
"We are excited to propel the business to the next level in its global presence and competitiveness.”
