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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] SK to Sell Stake in Ultra-Low Temperature Cold Chain Logistics Company
SK Group has confirmed that it is negotiating the sale of its stake in Korea Superfreeze, a company specializing in ultra-low temperature cold chain logistics.
According to sources in the investment banking (IB) industry on the 24th, SK Inc. is moving forward with plans to sell its 21% stake in Korea Superfreeze and is in the process of selecting a lead manager for the sale.
Korea Superfreeze was established by private equity fund (PEF) management firm EMP Belstar. EMP Belstar is the largest shareholder, owning 100% of the company through a special purpose company (SPC) named Belstar Superfreeze.
SK Inc. and Goldman Sachs PIA are joint second-largest shareholders of Belstar Superfreeze, each holding a 21% stake. In 2020, SK Inc. and Goldman Sachs PIA invested approximately 25 billion KRW (around 250 million USD) in the company. The following year, both firms invested an additional 12.5 billion KRW (around 125 million USD) each.
The expected enterprise value of Korea Superfreeze, as per SK's aspirations, ranges between 200 billion KRW and 300 billion KRW (approximately 154 million USD to 231 million USD). Korea Superfreeze currently owns logistics centers and their sites in Pyeongtaek, Songsan, and Osan. Consequently, the sale of SK Inc.'s 21% stake is projected to be valued between 42 billion KRW and 61 billion KRW (approximately 32 million USD to 47 million USD).
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
