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Photo = Hahn & Company |
[Alpha Biz= Kim Jisun] Seoul, October 1 – SK Discovery announced that its Board of Directors has approved the sale of 5,821,751 shares of SK D&D—representing its entire 31.3% stake—to private equity firm Hahn & Company for KRW 74.2 billion.
The divestment is part of SK Group’s portfolio rebalancing strategy, with SK Discovery stating that it will concentrate on core businesses such as green materials, energy, and bio, while actively seeking new growth opportunities.
SK D&D, a real estate development and operations company under SK Discovery, has been jointly managed by SK Discovery and Hahn & Company since 2021, when SK Discovery acquired the stake previously held by SK Gas. With this latest transaction, Hahn & Company will become the largest single shareholder, enabling more stable, agile, and flexible management of SK D&D, according to the company.
In tandem with the acquisition, Hahn & Company also announced plans to launch a tender offer for all remaining listed shares of SK D&D, with the aim of taking the company private. The firm explained that the characteristics of the real estate development business—where projects take years to complete and revenue is recognized only upon completion—make quarterly disclosures and management under a public company structure inefficient.
A Hahn & Company representative stated:
“It is rare even globally to see a real estate development company listed on the stock market. By transitioning SK D&D into a private company, we intend to maximize its long-term corporate value.”
The tender offer price has been set at KRW 12,750 per share, the same price paid to SK Discovery for its stake. Hahn & Company emphasized that this provides equal management-control premium benefits to minority shareholders.
The tender offer runs from October 1 through October 29, with Hahn & Company committing to purchase all tendered shares and pay the consideration in cash.
SK Discovery added that, despite the divestment, it intends to maintain a business partnership with SK D&D going forward.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
