[Market Focus] SK E&S Renewables Jumps 23% on News of KKR Acquisition

Shares of SK E&S Renewables surged after news that global private equity fund Kohlberg Kravis Roberts (KKR), following its acquisition of SK E&S Renewables, will jointly manage the renewable energy business with SK Group.

As of 9:09 a.m. on the 13th, SK E&S Renewables was trading at 28,450 won, up 5,300 won (22.89%) from the previous session.

The previous day, SK Group selected KKR as the preferred bidder to acquire management control of SK E&S Renewables and other key renewable energy businesses within the group. The assets up for sale are a 30.98% management control stake in SK E&S Renewables held by SK Discovery, the renewable energy business of SK Innovation E&S, and the renewable energy business of SK Ecoplant. After acquiring the renewable energy businesses from SK Group, KKR plans to establish a joint venture (JV) with SK Group.

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