Doosan Acquires Management Rights of SK Siltron for 2.3 Trillion Won... Acquires 70.61% Stake

Doosan sets out to secure a mid-to-long-term growth foundation through business diversification by acquiring a controlling stake in SK Siltron, a manufacturer of silicon wafers for the electronics industry, for 2.3 trillion won.

Doosan announced that it held a board of directors meeting on July 31, 2026, and resolved to acquire 47,322,350 shares (a 70.61% stake) of SK Siltron held by SK Inc. The basic acquisition amount of 2.3 trillion won corresponds to 18.80% of Doosan's consolidated equity and 6.98% of its total assets as of the end of the most recent business year.

The payment will be made in cash, with a 10% down payment to be paid immediately after signing the contract and the remaining 90% balance to be paid on the transaction closing date. The funds will be procured through the company's retained funds and borrowings, and the expected transaction closing date, assuming the fulfillment of precedent conditions, is January 31, 2027.

In addition to the basic purchase price, a share of excess profits based on the achievement of future management performance and other factors is also included in the contract terms. From 2027 to 2034, an amount applying the stake ratio to 40% of the excess over the annual EBITDA baseline, an amount applying the stake ratio to 25 billion won per item upon the completion of quality certification for specific items, and the disposal gains of sold assets such as the U.S. subsidiary may be additionally paid.

Doosan specified that it has no plans for a separate listing of SK Siltron after the acquisition. On the other hand, SK Siltron USA, Inc., a U.S. subsidiary engaged in the silicon carbide business, and others were approved for liquidation as of July 16, 2026, and the procedures will proceed through a liquidation consultative body. Doosan plans to operate an acquisition team to prepare for post-merger integration (PMI) of the organization and business and to review structural reorganization plans, including a merger.

Furthermore, separate from this 70.61% stake acquisition, Doosan plans to proceed with separate consultations with the counterparty to acquire the remaining 29.39% stake in SK Siltron. The external evaluation agency, Anjin Accounting Corporation, evaluated the value of the target shares as of the evaluation base date to be in the range of 2.089897 trillion won to 2.473638 trillion won, judging the acquisition amount of 2.3 trillion won to be appropriate.