SFA Engineering to acquire 28% of CIS Co. for KRW 170bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $117m
- Stake
- 28%
- Implied 100%
- $419m
- Revenue
- $92m
- Op. income
- —
- Multiples
- PSR 4.6x
Deal value ÷ stake (structure unconfirmed)
2021 · Multiple reports agree
2021 · Multiple reports agree
On implied equity value
- Target
- CIS Co. · Secondary-battery electrode equipment
- Buyer
- SFA Engineering · SI
- Seller
- SBI Investment and others
- Structure
- —
- Announced
- Dec 23, 2022
- Closed
- —
- Stage
- Signed
Target
CIS, founded in 2002, makes secondary-battery electrode-process equipment (coaters, roll presses/calenders, slitters) for customers including LG Energy Solution, Samsung SDI and Northvolt; its subsidiary CIS Solid holds all-solid-state battery equipment and materials technology.
Deal rationale
SFA said the acquisition gives it an equipment portfolio covering the entire battery manufacturing process and that it expects joint orders with overseas customers lacking mass-production experience (TheElec). According to Seoul Economic Daily, SFA, already an assembly-equipment supplier, moved into the more profitable, higher-barrier electrode process. The sellers said they needed a buyer able to fund the purchase with its own cash amid rising rates and market volatility; reports said SBI Investment and others, who entered in 2020 at KRW 6,000 per share, earned about 1.8x.
| Revenue | $92m |
| Operating income | — |
| EBITDA | — |
| Net income | — |
2021 · Multiple reports agree (not yet checked against DART)
Press coverage
- 서울경제 (2022-12-25): “씨아이에스 경영권 지분 28%를 1800억 원에 인수 하는데”
- 서울경제 (2023-03-22): “시장가보다 낮은 매각가(1700억 원)를 감수하기도 했다.”
- 한국경제 (2022-12-23): “SFA, 2차전지 장비업체 CIS 인수”
- 서울경제 (2022-12-23): “반도체 강자 SFA, 2차 전지 장비기업 CIS 깜짝 인수”
- 디일렉 (2022-12): “지분 25.8%를 1722억8031만원에 인수”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.