Samsung SDI Sells About 5% of Samsung Display for $3.1bn, the Largest Deal of Q3
An intra-group deal in which Samsung Display buys back its own shares, giving Samsung SDI cash for US battery plants, energy storage and solid-state batteries.
Deal structure: Secondary
Target financials (LTM)
| Revenue | $20.5bn |
| Operating income | $2.8bn |
| EBITDA | — |
| Net income | $3.7bn |
Lead
On 21 August 2026 Samsung SDI decided to sell 13,088,235 Samsung Display shares at KRW 340,000 each, $3.1bn in total, back to Samsung Display, which is buying them as treasury shares. The cash was paid on 27 August. Samsung SDI’s stake fell from about 15.2% to 10.22%.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is the largest Korean deal of the third quarter by Dealsite’s count. Although it is an intra-group deal with no outside buyer, it gives Samsung SDI, which lost more than $689.7m last year amid weak battery demand, a large amount of cash. Samsung SDI shares rose more than 8% on the day.
Strategic context
Samsung SDI plans to use the money for its US battery plants, energy storage systems (ESS) and solid-state batteries.
| Item (Samsung Display) | Figure |
|---|---|
| 2025 revenue (consolidated) | $20.5bn |
| 2025 operating income | $2.8bn |
| 2025 net income | $3.7bn |
| Implied 100% equity value at KRW 340,000 a share | about $61.4bn |
| Simple multiple | P/E about 17x |
Financials from the DART consolidated audit report. The implied 100% value is an estimate derived from the number of shares sold and the change in stake.
What’s next
No further approvals have been reported. How quickly Samsung SDI deploys the money is the next thing to watch.
Advisors: EY Han Young (buy-side financial), Samjong KPMG (sell-side financial), Deloitte Anjin (buy-side accounting), Shin & Kim (buy-side legal), Kim & Chang