SK Innovation OKs SK IE Technology's stake sale to PEF

SEOUL, Sept. 23 (Yonhap) -- SK Innovation Co. said Wednesday that it has decided to sign a deal with a private equity fund for a pre-initial public offering (IPO) of its wholly owned subsidiary SK IE Technology Co.

Under the plan, SK IE Technology will issue 6.2 million new shares -- 10 percent of its total shares -- and sell the stake to local private equity fund Premier Partners for 300 billion won (US$258 million).

The deal would reduce SK Innovation's stake in SK IE Technology to 90 percent.

The pre-IPO deal would pave the way for next year's successful IPO of SK IE Technology, a South Korean manufacturer of lithium-ion battery separator.

entropy@yna.co.kr
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