SK Innovation to Absorb Battery Materials Unit SK IET in KRW1.2 Trillion Merger

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SK Innovation (KRX:096770) will absorb its 53.35%-owned subsidiary SK IET (KRX:361610) in a merger valued at 1.21 trillion won, according to a bourse filing on Tuesday.

Under the merger, scheduled for Jan. 1, 2027, SK IET shareholders will receive 0.1174540 SK Innovation shares per SK IET share.

The merger, which will dilute major shareholder SK Inc.'s stake in SK Innovation from 52.09% to 50.74%, aims to strengthen financial stability and enhance competitiveness in the EV battery separator market.

An enterprise value of 21.3 trillion won was set for SK Innovation, and 1.21 trillion won for SK IET, with an estimated appraisal price of 14,620 won per share.

An extraordinary general meeting will be held on Nov. 24 to approve the deal, with a provision allowing termination if appraisal rights exercised exceed 350 billion won.

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