SK E&S to complete purchase of full ownership in Busan City Gas

Busan City Gas Co. will fully go under SK E&S as the city gas operator aims to utilize its network to accelerate transition to hydrogen fuel supplier.

SK E&S announced Monday that its board of directors approved a plan to acquire a full stake in Busan City Gas to have it under its arm. Busan City Gas separately disclosed the stock deal.

SK E&S took over 93.4 percent stake in Busan City Gas during its open bid that closed last Friday.

The company plans to acquire the remaining 6.6 percent stake via stock exchange at a ratio of 1:1.1656770. The equity swap is scheduled on December 28.

SK E&S will give 85,000 won ($71.64) per share to Busan City Gas shareholders, the same price it paid at the open tender.

“Having Busan City Gas as a fully-owned subsidiary would provide us a great synergy effect in future energy business including fuel cell business,” said SK E&S.

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