SK Group's SK Innovation and SKE&S to Merge, Creating a Giant in Energy and Renewables

TapTechNews July 17th news, Yonhap News Agency reported that the intermediate holding company of the energy department under South Korea's SK Group, SK Innovation, and the renewable energy enterprise SKE&S held their respective board meetings today and voted to pass the merger case of the two companies.

The merger ratio of SK Innovation and SKE&S is about 1:1.2. If the merger proceeds smoothly, the asset scale will reach 106 trillion Korean won (TapTechNews note: currently about 557.136 billion Chinese yuan), and the annual sales will reach 90 trillion Korean won (currently about 473.04 billion Chinese yuan).

SK Innovation's main businesses cover the chemical and energy fields. Its subsidiary SKon is responsible for producing electric vehicle batteries, and SKietechnology produces the core material LIBs of lithium batteries (lithium-ion battery separator), and other subsidiaries are responsible for petroleum, chemicals, lubricants and their related trading, logistics, marketing, and other businesses.

SKE&S's main businesses cover renewable energy, hydrogen energy, liquefied natural gas, and providing energy solutions, etc.