The Ocean buys 35.62% of SK Ocean Plant in ₩410B offshore wind bet
What's the deal? The Ocean Asset ManagementDealroom has a profile for this one. Try Dealroom →, a South Korean private equity fund operator, has become the largest shareholder of SK Ocean PlantDealroom has a profile for this one. Try Dealroom →. It signed a stock purchase agreement on August 31 to acquire all 22,256,969 shares — a 35.62% management stake — held by SK EcoplantDealroom has a profile for this one. Try Dealroom → for roughly 410 billion Korean won.
Who's involved? Osung Advanced MaterialsDealroom has a profile for this one. Try Dealroom → joined the deal as a strategic investor. The Ocean Asset Management, established in March 2024 as Diocean PartnersDealroom has a profile for this one. Try Dealroom → with reported capital of 2.6 billion Korean won, was deeply shaped by former STX GroupDealroom has a profile for this one. Try Dealroom → chairman Kang Deok-soo.
Why now? The Ocean was named preferred bidder in September last year and had negotiated with SK Ecoplant since. Talks stalled over opposition from the Goseong, Gyeongnam community, but Osung's entry as a strategic investor accelerated discussions.
What's the endgame? Both buyers valued SK Ocean Plant's steady flow of new orders in the offshore wind substructure sector. The company traces its roots to Samkang M&TDealroom has a profile for this one. Try Dealroom →, founded in 1996; SK Ecoplant bought it for about 460 billion Korean won in 2021 before putting it up for sale amid SK GroupDealroom has a profile for this one. Try Dealroom → restructuring.
The numbers: SK Ocean Plant posted second-quarter consolidated revenue of 170.484 billion Korean won and operating profit of 19.344 billion Korean won. Revenue fell 29.1% year on year, but operating profit rose 14.7%.
The signal: The sale closes a chapter of SK Group's restructuring while handing a young private equity fund control of an offshore wind supplier. It underscores growing investor appetite for infrastructure tied to renewable energy build-out.
Read more: chosun.com
Image credit: Dominic's pics
