Doosan is making a full-scale entry into the semiconductor materials business by acquiring a 70.61% stake in SK Siltron from SK Inc. for 2.3 trillion won.

Acquisition Overview

Doosan announced in a regulatory filing on the 31st that it has decided to acquire 47,322,350 common shares of SK Siltron (a 70.61% stake) from SK Inc. for 2.3 trillion won. The scheduled acquisition date is January 31, 2027.

The acquisition amount represents 6.98% of Doosan's consolidated total assets (32.9278 trillion won) and 18.80% of its equity (12.2343 trillion won) as of the end of 2025. Doosan stated that the purpose of this acquisition is to secure a foundation for mid- to long-term growth through business diversification.

Payment and Funding Method

For the transaction price, a 10% deposit will be paid immediately upon contract signing, and the remaining 90% balance will be paid in cash on the transaction closing date. The funds will be raised using internal funds and borrowings, with specific details of the borrowing to be disclosed later through an amended filing.

Fairness Verification by External Valuation Firm

The external valuation firm, Anjin Accounting Corp., estimated the value of the SK Siltron stake to be in the range of approximately 2.089 trillion won to 2.474 trillion won based on the valuation reference date (March 31, 2026). The firm concluded that the transaction amount of 2.3 trillion won is reasonable within the assessed range.

Remaining Stake and Listing Plans

Separately from this transaction, Doosan plans to negotiate the acquisition of the remaining 29.39% stake in SK Siltron. Specific details will be announced through a regulatory filing once finalized.

There are no plans for a separate listing after the acquisition. However, an acquisition task force will be formed to pursue post-merger integration (PMI), and various restructuring options, including a merger, will be reviewed.

Liquidation of U.S. SiC Business and Additional Payment Structure

The liquidation of SK Siltron's U.S. silicon carbide (SiC) business subsidiaries (SK Siltron USA, Inc. and related affiliates) was previously approved at a board meeting on July 16, 2026. Following the execution of the share purchase agreement, the specific liquidation process will proceed through a liquidation committee involving Doosan and other participants.

Additionally, the base purchase price may be adjusted to reflect changes occurring up to the transaction closing date. From 2027 through 2034, additional payments based on an excess profit-sharing arrangement may apply if SK Siltron exceeds annual EBITDA targets or meets contractual conditions such as specific quality certifications or asset sales.