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[Alpha Biz=(Chicago) Reporter Paul Lee] SK ON succeeded in raising up to 1.2 trillion won through a consortium involving U.S. and Middle Eastern investors. Hyundai Motor Group, a major partner of SK On in North America, also decided to lend SK On 2 trillion won.
SK Innovation held a board meeting on the 24th and approved the agenda related to the attraction of 'new long-term financial investment (equity investment before listing)' of its subsidiary SK On. SK Innovation and SK ON will soon sign an investment contract with the MBK Consortium, and the MBK Consortium will invest in SK On with a limit of $ 800 million (about 1.5 trillion won). Global financial investors (FI) from the United States and the Middle East will participate in the MBK consortium.
SNB Capital, which was discussing investment in SK ON through the Korea Investment PE· East Bridge Consortium, will invest up to $ 144 million (about 190 billion won) in SK ON. SNB Capital is a subsidiary of Saudi National Bank (SNB), the largest commercial bank in Saudi Arabia. As a result, SK ON has secured an additional investment limit of 944 million dollars (about 1.24 trillion won).
In addition to this, SK ON succeeded in drawing borrowings from Hyundai Motor Group. Hyundai Motor will lend KRW 1.2 trillion and Kia KRW 800 billion to SK on the condition of a four-year maturity, respectively. On the same day, SK Innovation announced a debt guarantee for SK On to borrow a total of 2 trillion won from Hyundai Motor and Kia.
Hyundai Motor Group and SK On have decided to build a joint plant that can produce 35 gigawatt hours (GWh) and about 300,000 units of battery cells annually in Batou County, Georgia, USA, with the aim of operating in the second half of 2025.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
