Kyungdong Navien acquires SK Magic kitchen appliance business (gas ranges, electric ranges, ovens) for KRW 42.6bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $29m
- Stake
- —
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- SK Magic kitchen appliance business (gas ranges, electric ranges, ovens) · Kitchen appliances (cooktops, ovens)
- Buyer
- Kyungdong Navien · SI
- Seller
- SK Magic (SK Networks subsidiary)
- Structure
- —
- Announced
- May 8, 2024
- Closed
- Sep 30, 2024
- Stage
- Closed
Target
SK Magic's business of manufacturing, selling and distributing gas ranges, electric ranges and electric ovens, transferred as a business transfer of inventory and tangible/intangible assets; employees were reported not to be part of the transfer.
Deal rationale
Kyungdong Navien said the transfer was meant to expand its cooktop lineup, which it described as part of air-quality management, and to strengthen its ventilation/air-cleaning business. SK Magic described the sale at the January 2024 binding MOU as a step to strengthen competitiveness and build future growth drivers; reports cited continued losses in its appliance segment, a focus on rentals and balance-sheet improvement.
Press coverage
- 스마트투데이 (2024-09-30): “지난 5월 계약 당시 370억원에서 437억원으로 변경한다고 공시했다.”
- 딜사이트 (2024-07-16): “5월에는 주방가전 품목 3개 부문(가스레인지‧전기레인지‧전기오븐)을 370억원에 경동나비엔에 매각했다.”
- 뉴데일리경제 (2024-01-08): “예상 매매대금은 400억원이다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.