Back To Top

SkyLake signs MOU to buy Doosan’s EV battery foil arm

Pedestrians walk in front of Doosan headquarters in Seoul. (Yonhap)
Pedestrians walk in front of Doosan headquarters in Seoul. (Yonhap)
Debt-ridden Doosan Group’s holding firm said Wednesday it has signed a memorandum of understanding with local private equity firm SkyLake Investment to sell a majority stake in its battery foil maker unit.

“Doosan Corp. has signed an MOU with SkyLake Investment with regards to the sale of Doosan Solus,” the construction-to-energy conglomerate said in a filing. “The company will immediately disclose the details of the stake transaction once the terms are finalized.”

Up for sale are 61 percent of Doosan Solus shares -- common and preferred stocks. The controlling stake is owned by the holding company, the group’s Chairman Park Jeong-won and affiliated persons.

Doosan Solus is dedicated to making electronic components such as copper foils for electric vehicles and organic light-emitting diodes.

Shares of the company remained flat Wednesday on the main bourse Kospi.

The news comes amid a self-rescue plan in exchange for the 3.6 trillion won ($3 billion) financial lifeline from state-run lenders including Korea Development Bank. Also in talks for sale are affiliates such as Doosan Engineering & Construction and Doosan Infracore, as well as properties such as Doosan Tower.

Founded in 2006, SkyLake Investment was managing roughly 1 trillion won assets as of end-2018, dedicated to buyout strategy and growth capital. The private equity house is led by CEO Chin Dae-je, former head of Samsung Electronics’ digital media division and minister of Information and Communication.

By Son Ji-hyoung (consnow@heraldcorp.com)
MOST POPULAR