IMM and Stick-Korea Bid for SK Group Stakes in Ulsan Power Companies
IMM Investment and the Stick Alternative Asset Management-Korea Investment PE consortium have submitted bids for minority stakes in SK Multi Utilities and Ulsan GPS as part of SK Group's sale, which includes up to 49% of shares valued at 2 trillion won. KKR also participated, seeking additional stakes in the Ulsan AI Data Center. All bidders reportedly offered prices exceeding 1 trillion won despite the absence of downside protection for investors.
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IMM Investment and the Stick Alternative Asset Management-Korea Investment PE consortium participated in SK Group's sale of minority stakes in SK Multi Utilities and Ulsan GPS. SK Gas and SK Chemicals conducted final bids for these stakes.
KKR also participated, seeking a package including stakes in the Ulsan AI Data Center. SK Group is selling up to 49% of shares in both companies, valued at 2 trillion won, with a sale price of 1 trillion won for the stakes.
All bidders reportedly proposed prices exceeding 1 trillion won despite the lack of downside protection for investors. SK MU has over 1 trillion won in project financing, which takes priority over new investment financing.
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