Arkema Korea Holding (Arkema) to acquire 54.07% of PI Advanced Materials for KRW 1tn
- Deal value
- $690m
- Stake
- 54.07%
- Implied 100%
- $1.3bn
- Revenue
- $191m
- Op. income
- $36m
- Multiples
- EQV/EBIT 35.5xPSR 6.7x
Deal value ÷ stake (structure unconfirmed)
2022 별도 · DART-verified
2022 별도 · DART-verified
On implied equity value
DART 20230315000084
- Target
- PI Advanced Materials · Polyimide film & electronic materials
- Buyer
- Arkema Korea Holding (Arkema) · SI
- Seller
- Korea PI Holdings (Glenwood PE)
- Structure
- —
- Announced
- Jun 28, 2023
- Closed
- —
- Stage
- Signed
Target
KOSDAQ-listed maker of polyimide (PI) film used mainly in FPCBs for mobile devices, expanding into PI varnish for EVs and battery insulation film. Glenwood PE bought the 27% stakes of SKC and Kolon Industries in 2020 for about KRW 608bn.
Deal rationale
Reports said Arkema sought to extend PI Advanced Materials' Asia-centred sales into Europe and North America and broaden its EV PI-varnish portfolio (IB Tomato, Dealsite). A PI Advanced Materials official cited continued growth in mobility uses such as EV varnish and battery insulation film. Seller Glenwood PE, which bought the 54.07% stake in 2020 through its KRW 450bn first blind fund (2018 vintage), was reported by Dealsite to be exiting after about four years with a gain of roughly 65% of invested principal.
| Revenue | $191m |
| Operating income | $36m |
| EBITDA | — |
| Net income | — |
2022 별도 · DART-verified · 20230315000084
Press coverage
- IB토마토 (2023-07-03): “보유한 PI첨단소재 지분 전량 54.07%를 아케마코리아홀딩에 매각하는 주식매매계약(SPA)을 체결했다. 매매대금은 1조원이다”
- PUdaily (2023): “Arkema Buys Controlling Stake in South Korea’s PI Advanced Materials”
- 딜사이트 (2023-06-28): “글랜우드PE는 지난 2020년 SKC와 코오롱인더스트리가 27%씩 보유하고 있던 지분을 약 6080억원에 인수한 바 있다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.