A local private equity fund was selected the preferred bidder on Thursday to acquire a controlling stake in SKC Kolon PI Inc., a joint venture between South Korea's SKC Co. and Kolon Industries Inc. that makes polyimide (PI) film.

SKC and Kolon Industries said they've selected Glenwood PE as the preferred bidder to acquire their 54.06 percent stake in SKC Kolon PI. SKC and Kolon Industries each hold a 27.03 percent stake in the PI maker. 

Industry insiders speculate that the deal is worth around 600 billion won (US$510 million) and could be completed by the end of the year.

SKC Kolon PI, founded in 2008, is the world's leading maker of PI film, which is used in various products including smartphones and displays. (Yonhap)