Hahn & Co. expands semiconductor portfolio with W2.6tr SK Specialty deal

SK Group's logo at its headquarters in central Seoul. (Newsis)

Hahn & Co., a major South Korean private equity firm, has completed its acquisition of SK Specialty from SK Group, the country’s chip-to-energy conglomerate, securing an 85 percent stake in the gas supplier.

The firm announced Monday that it acquired a majority stake in SK Specialty from SK Inc., the group's holdings unit, for 2.6 trillion won ($1.77 billion), finalizing the deal under a stock purchase agreement signed in December.

“With this acquisition, we have further strengthened our portfolio in advanced manufacturing by securing a global champion in the core semiconductor materials sector,” Hahn & Co. stated.

SK Specialty is a leading global manufacturer of specialty gases essential for semiconductor and display panel production. Hahn & Co. noted that the company holds the largest market share in nitrogen trifluoride and tungsten hexafluoride, key gases used in advanced semiconductor manufacturing.

Following the deal, SK Inc. will retain a 15 percent stake in SK Specialty, citing the company’s growth potential. Hahn & Co. pledged to maintain employment, recognizing the workforce as the foundation of SK Specialty’s technical expertise, while continuing to invest in the company’s expansion.

The latest deal builds on the firm’s established partnership with SK Group. Since 2018, Hahn & Co. has acquired stakes in several SK affiliates, including SK Shipping, SK D&D and SK Encar. In 2020, it purchased SK Chemicals' bio-energy business, SK Eco Prime, successfully exiting four years later, while, in 2022, it acquired SKC’s industrial film business.

Last year, Hahn & Co. struck deals to acquire two business divisions of SK Enpulse, a semiconductor parts and equipment maker under SKC. The 330 billion won acquisition of SK Enpulse’s fine ceramics business has already been completed, while the 340 billion won purchase of the chemical mechanical polishing pad division is still pending finalization, with the transaction set to close this week.