Doosan Group is reportedly nearing the completion of its acquisition of SK Siltron, one of the world’s leading semiconductor wafer manufacturers, in a move widely seen as accelerating the conglomerate’s transformation into a high-tech semiconductor-focused company.
According to industry sources on Sunday, Doosan Corp. and SK Group have largely finalized negotiations over the key terms of the takeover deal. The two sides are expected to sign a stock purchase agreement (SPA) as early as next week.
Under the proposed structure, Doosan is expected to acquire a 51% stake in SK Siltron held by SK Group, along with an additional 19.6% tied to a total return swap (TRS) agreement. Market insiders also expect the transaction to include the 29.4% personal stake owned by SK Group Chairman Chey Tae-won, effectively giving Doosan near-complete control of the company.
The total value of the transaction is estimated at around 5 trillion won ($3.6 billion), making it one of South Korea’s largest mergers and acquisitions deals of the year and one of the biggest transactions in the semiconductor materials industry.
Industry analysts view the acquisition as part of Chairman Park Jeong-won’s long-term restructuring strategy aimed at reducing Doosan’s dependence on heavy industry and expanding into semiconductors, advanced materials, and future energy businesses.
Doosan has already been strengthening its semiconductor presence in recent years. In 2022, the group acquired semiconductor testing company Doosan Tesna, focusing on back-end chip packaging and testing services. By adding SK Siltron — a key supplier of silicon wafers used in semiconductor manufacturing — Doosan would significantly expand its role across the semiconductor supply chain.
SK Siltron is considered one of the global leaders in silicon wafer manufacturing, competing with Japan-based giants such as Shin-Etsu Chemical and Sumco. The company’s strategic importance has grown further amid rising demand for wafers driven by the expansion of AI semiconductors and high-performance computing (HPC) infrastructure.
Market observers say the deal could position Doosan more aggressively within the rapidly expanding AI semiconductor ecosystem, where securing stable supplies of advanced semiconductor materials has become increasingly critical.
For SK Group, the sale is expected to improve financial flexibility as the conglomerate continues broader restructuring and investment optimization efforts. The proceeds could help fund future investments in batteries, AI infrastructure, and advanced semiconductor technologies. Analysts also note that the transaction may ease lingering market concerns surrounding Chairman Chey Tae-won’s personal stake in SK Siltron.
However, the acquisition is also expected to place a substantial financial burden on Doosan. Industry sources believe the company will likely rely on acquisition financing and financial investors (FIs) to support the roughly 5 trillion won deal.
“Doosan is trying to build a new growth pillar in semiconductors on top of its traditional manufacturing base,” an industry official said. “The SK Siltron acquisition could become a symbolic deal that fundamentally reshapes the group’s identity.”
