SK Gas Sells 49% of Ulsan GPS to STIC and Korea Investment PE for $841.4m
A minority stake in a 1.2GW dual-fuel LNG/LPG power plant; SK Gas keeps 51% and control.
- Deal value
- $844m
- Stake
- 49%
- Implied 100%
- $1.7bn
- Revenue
- $524m
- Op. income
- $110m
- Multiples
- EQV/EBIT 15.6xPSR 3.3x
구주
Secondary KRW 1,224.2bn / 49%
2025 별도 · DART-verified
2025 별도 · DART-verified
On implied equity value
DART 20260327001475
- Target
- Ulsan GPS · Gas-fired combined-cycle power generation
- Buyer
- STIC Investments · Korea Investment PE · FI
- Seller
- SK Gas
- Structure
- Secondary
- Announced
- Apr 3, 2026
- Closed
- Jun 30, 2026
- Stage
- Closed
Target
Operator of a 1.2GW combined-cycle power plant in Ulsan that can run on either LNG or LPG, built by SK Gas with about KRW 1.4tn of investment and in commercial operation since December 2024; described by Newspim as the world's first LNG/LPG dual-fuel combined-cycle operator.
Deal rationale
SK Gas stated the purpose as securing funds for future growth investment through asset efficiency, keeping 51% and management control, and said proceeds would go to future growth businesses and balance-sheet stabilization, calling the deal the start of a strategic asset reallocation. The STIC-Korea Investment PE consortium, via SPC STIC Hantu Infra, also bought 49% of SK Multi Utility from SK Chemicals (KRW 371bn) the same day, for KRW 1.5952tn in total.
| Revenue | $524m |
| Operating income | $110m |
| EBITDA | — |
| Net income | $70m |
2025 별도 · DART-verified · 20260327001475
Lead
SK Gas sold 49% of Ulsan GPS, a dual-fuel LNG/LPG power plant, to an infrastructure fund formed by STIC Investments and Korea Investment Private Equity for $841.4m. A preferred bidder was chosen in January 2026, the board approved the sale on 3 April, and the deal closed on 30 June. SK Gas keeps 51% and control.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is a clear example of a conglomerate affiliate recycling capital by selling a minority stake while keeping control. The same consortium also bought 49% of SK Multi-Utility from SK Chemicals for $255.9m, bringing the two deals to about $1.1bn.
Strategic context
Ulsan GPS is a 1.2GW plant that began commercial operation in December 2024 and cost about $965.5m to build. It can switch between LNG and LPG depending on fuel prices.
| Item | Figure |
|---|---|
| 2025 revenue | $524.2m |
| 2025 operating income | $110.3m |
| 2025 net income | $69.8m |
| Implied 100% equity value | about $1.7bn |
| Simple multiples | P/E about 25x; equity value/operating income about 16x |
Financials from the DART 2025 annual report; 2025 was the plant’s first full year. Multiples are simple equity-based calculations and do not adjust for net debt.
What’s next
SK Gas will keep running the plant as the controlling shareholder. How the financial investors will eventually exit has not been disclosed.