Doosan "Signed MOU for Share Sale of Skylake and Doosan Solus"

On the 27th, the Doosan Tower building in Dongdaemun-gu, Seoul, is visible as the government decided to inject 1.6 trillion won into Doosan Heavy Industries, which is experiencing financial difficulties, through the Korea Development Bank and the Export-Import Bank of Korea. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Ki-min Lee] Doosan Corporation, the holding company of Doosan Group, announced on the 8th that it signed a memorandum of understanding with the private equity firm Skylake Investment on the 7th regarding the sale of Doosan Solus.

Doosan Group has not yet commented on the sale price or other conditions.

Doosan Solus is 61% owned by Doosan Corporation (17%) and special related parties (44%), including Park Jung-won, chairman of Doosan Group, and other major shareholders.

Doosan Group has been negotiating to sell its entire stake in Doosan Solus, which focuses on automotive battery foil and bio-material businesses, to Skylake Investment. The sale price is rumored to be around 700 billion KRW.

Initially, Doosan Group negotiated the sale with Skylake but failed to narrow differences over the sale price. Afterwards, Doosan Group sought buyers among large corporations engaged in battery businesses but failed to attract interest in the preliminary bidding and reportedly resumed negotiations with Skylake Investment.

In the financial sector, there were rumors that Doosan Group would make a binding offer to Skylake Investment this week.

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