(C) KED Global

SEOUL – In a move that signals a massive shift in the South Korean semiconductor landscape, Doosan Group has been named the preferred bidder for SK Siltron, the world’s third-largest semiconductor wafer manufacturer. The deal, estimated to be worth up to 5 trillion KRW (approximately $3.8 billion USD), marks a significant milestone in Doosan’s aggressive pivot toward high-tech materials and SK Group’s ongoing structural "rebalancing."

 
Strategic Expansion into the Semiconductor Core

On December 17, 2025, SK Inc. officially disclosed that it had selected Doosan Corporation as the preferred bidder for its majority stake in SK Siltron. The transaction primarily involves the 70.6% stake held by SK Inc. While the total enterprise value of SK Siltron is appraised at 5 trillion KRW, the price for the majority stake is expected to range between 3 and 4 trillion KRW.

SK Siltron is the only South Korean company specializing in the production of semiconductor wafers, the foundational material for microchips. It currently holds the third-largest market share globally for 12-inch wafers, a critical component for advanced memory and logic chips.

For Doosan, this acquisition is the "crown jewel" of its recent portfolio restructuring. Over the past two years, Doosan has pivoted from heavy industry toward the semiconductor sector, acquiring Doosan Tesna (a leader in semiconductor testing) and its subsidiary Engeon. Integrating wafer manufacturing into its portfolio would allow Doosan to move further upstream in the supply chain, establishing itself as a major player in the semiconductor materials, components, and equipment (MCE) sector.

The Road to the Deal: Delays and Competition

The sale of SK Siltron has been a central pillar of SK Group’s business rebalancing strategy since early 2025. In June, the race attracted significant interest from 5 to 6 domestic and international private equity firms. However, negotiations stalled in the third quarter due to disagreements over valuation and specific terms of the sale.

The momentum shifted in October when Doosan publicly confirmed its interest in the company. Since then, Doosan has conducted intensive due diligence on SK Siltron’s headquarters and manufacturing facilities in Gumi, North Gyeongsang Province, demonstrating its commitment to the acquisition.

Remaining Variables and Market Outlook

While the selection of a preferred bidder is a major step, industry analysts suggest several variables remain:

Chairman Chey’s Remaining Stake: It is still unclear whether SK Group Chairman Chey Tae-won will include his personal 29.4% stake in the sale. If included, the deal size could swell significantly.
SK’s Changing Motivation: Some experts argue that SK’s urgency to sell may have cooled. Following recent developments in Chairman Chey’s divorce litigation—which may result in a reduced property division payout—and the successful progress of other SK rebalancing efforts, the immediate pressure to secure massive liquidity has arguably lessened.
Regulatory Approval: Given SK Siltron’s role as a provider of "national core technology," the deal will likely face rigorous government review to ensure the stability of the domestic semiconductor ecosystem.
Conclusion
If finalized, the acquisition will transform Doosan into a comprehensive semiconductor solutions provider, diversifying its revenue streams beyond its traditional power and construction businesses. For SK Group, the divestiture provides a massive capital injection to focus on its "AI and Green Energy" pillars.

The two parties are expected to enter final negotiations immediately, with a definitive agreement likely to be reached within the next three months.

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