Brookfield to acquire SK Materials Airplus industrial-gas production facility (Icheon) for KRW 1tn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $690m
- Stake
- —
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- SK Materials Airplus industrial-gas production facility (Icheon) · Industrial gases (air separation unit)
- Buyer
- Brookfield · FI
- Seller
- SK Materials Airplus (SK Inc.)
- Structure
- —
- Announced
- Apr 19, 2022
- Closed
- —
- Stage
- Announced
Target
The asset is an industrial gas production facility built by SK Materials Airplus in 2021 inside SK hynix's Icheon semiconductor complex, producing oxygen, nitrogen and argon via air separation and supplying the DRAM fab by pipeline.
Deal rationale
KED Global reported SK Materials Airplus planned to use proceeds for new businesses such as advanced materials and to receive gas from the plant without owning it. KKR was named preferred bidder in May 2022, but after signing delays and a renegotiation request SK turned to Brookfield in August 2022; Seoul Economic Daily's year-end league table lists Brookfield's KRW 1tn acquisition advised by Kim & Chang.
Press coverage
- 서울경제 (2022-12-30): “브룩필드의 SK머티리얼즈에어플러스 산업용 가스 생산 설비(1조 원) 인수”
- The Korea Economic Daily Global (2022-04-19): “is set to sell a local production facility for about 1 trillion won ($809 million)”
- KED Global (2022-08-07): “SK turned to Brookfield despite KKR’s request for re-negotiations, the sources said on Aug. 5.”
- KED Global (2022-05-11): “KKR to buy SK’s gas production facility for more than $785 mn”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.