SK Group Halts SK Siltron Sale Amid Chip Boom

According to industry sources, SK Group, after selecting Doosan Semiconductor as the preferred bidder for its SK Siltron unit at the end of 2025, has continued negotiations for the sale. However, amid the semiconductor industry’s current supercycle, SK Group appears to be reconsidering the divestment.

The sector’s unprecedented growth has highlighted the strategic importance of linking SK Siltron’s wafer manufacturing with SK Hynix’s semiconductor operations, prompting a shift in SK Siltron’s internal standing within the group. Observers note that SK Group has paused the sale just before the signing of the final contract, reflecting the company’s view that SK Siltron, the world’s third-largest wafer manufacturer, remains vital for the group’s AI-driven business restructuring.

Chairman Chey Tae-won recently announced a “semiconductor speed race,” including plans to expand wafer production capacity, reinforcing SK Siltron’s strategic significance. As a result, SK Group is reassessing its earlier plan to sell the company to improve its financial structure, with internal discussions emphasizing the critical role of wafers as foundational materials in semiconductor manufacturing.

Previously, SK Group had been negotiating with Doosan Group for the sale of a 70.6% stake in SK Siltron, comprising 51% held by SK Corporation and 19.6% through total return swap (TRS) contracts. Doosan was selected as the preferred bidder in December, with an initial expectation to finalize the deal around May 28, though the timeline has since been postponed. Analysts suggest that growing internal and external voices within SK Group are calling for a reassessment of the sale to maximize synergies and evaluate SK Siltron’s long-term strategic value.

The reconsideration aligns closely with Chey Tae-won’s push for AI-driven business innovation. SK Group is actively building an AI-focused value chain spanning semiconductors, data centers, and energy infrastructure, and selling SK Siltron, a key producer of semiconductor materials, would conflict with this strategic direction. Integrating SK Siltron into the broader SK Hynix semiconductor operations supports this vision, with Chey emphasizing on June 2: “We plan to double wafer production capacity over the next five years and are fully committed to achieving this, despite the challenges ahead.”

SK Siltron’s valuation, estimated at approximately 50 trillion KRW (~$33.3 billion), may also be subject to reassessment amid soaring sector valuations—SK Hynix alone now approaches a market capitalization of 1,700 trillion KRW. Analysts also note that Chairman Chey personally holds a 29.4% stake in SK Siltron, which could influence any final sale.

Doosan continues to pursue acquisition of the 70.6% stake, meaning that to acquire 100% of SK Siltron, Doosan would need to negotiate separately with Chey Tae-won for his personal shares.