South Korean private equity firm Hahn & Co. has announced that it has signed definitive agreements to acquire 100% of the polyester film (PET) business from South Korea's SK Group for KRW1.6 trillion (US$1.3 billion). SK's PET film business is the largest in Korea and the fourth largest globally, with revenues of KRW1.13 trillion (US$953 million) in 2021. The transaction represents one of the largest acquisitions in Korea and Asia to date this year.

 

This transaction furthers Hahn & Co.'s focus on private equity acquisitions in Korea and builds upon its track record of successfully acquiring and revamping Korean companies, building globally leading companies in industrial products, transportation, and business services. The acquisition represents Hahn & Co.'s fourth acquisition in Korea since the outbreak of the COVID-19 pandemic while M&A activity in Korea has slowed, notably the in-flight catering and duty-free retail businesses of Korean Air as well as the biofuel business of SK Chemicals.

 

"SK's PET business is a global leader with attractive opportunities for growth and expansion in untapped markets. This acquisition continues Hahn & Co.'s conviction in Korea as an attractive while overlooked market for acquisitions," said Scott Sang-Won Hahn, CEO of Hahn & Co.