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[THE INVESTOR] UP Chemical, a manufacturer of key components for SK Hynix, will be acquired by Chinese chemical company Jiangsu Yoke Technology.
Woori Renaissance Consortium has selected a consortium of the tech company and Huatai United Securities as the preferred bidder for the sale of the South Korean semiconductor maker, according to investment bank sources.
The Chinese consortium will acquire 65.12 percent stake owned by Woori as well as 31.16 percent stake from company founder Shin Hyeon-guk for approximately 200 billion won (US$179 million).
Its flagship product precursors, core materials for semiconductors that regulate uniform distribution of chemical compounds, are a high added value material. UP Chemical posted 21.2 billion won in operating profit and 60 billion won revenue last year.
Woori Renaissance Consortium, jointly formed by Woori Private Equity, KDB Daewoo Securities and Woongjin Capital, acquired a 65 percent stake in UP Chemical for 190 billion won in 2008.
UP Chemical was put up for sale in 2013, drawing more than 10 contenders including Germany’s BASF, but a sale fell through. “SK was sensitive to the deal, saying that it would terminate business if the company was sold to a foreign or competing company as it worried about leaking secrets,” said an industry source.
SK Group acquired SK Materials and established SK Trichem, a joint venture with Japan’s Tri Chemical Laboratories earlier this year to provide semiconductor materials.
By Hwang You-mee (glamazon@heraldcorp.com)
Woori Renaissance Consortium has selected a consortium of the tech company and Huatai United Securities as the preferred bidder for the sale of the South Korean semiconductor maker, according to investment bank sources.
The Chinese consortium will acquire 65.12 percent stake owned by Woori as well as 31.16 percent stake from company founder Shin Hyeon-guk for approximately 200 billion won (US$179 million).
Its flagship product precursors, core materials for semiconductors that regulate uniform distribution of chemical compounds, are a high added value material. UP Chemical posted 21.2 billion won in operating profit and 60 billion won revenue last year.
Woori Renaissance Consortium, jointly formed by Woori Private Equity, KDB Daewoo Securities and Woongjin Capital, acquired a 65 percent stake in UP Chemical for 190 billion won in 2008.
UP Chemical was put up for sale in 2013, drawing more than 10 contenders including Germany’s BASF, but a sale fell through. “SK was sensitive to the deal, saying that it would terminate business if the company was sold to a foreign or competing company as it worried about leaking secrets,” said an industry source.
SK Group acquired SK Materials and established SK Trichem, a joint venture with Japan’s Tri Chemical Laboratories earlier this year to provide semiconductor materials.
By Hwang You-mee (glamazon@heraldcorp.com)
