The planned sale of SK Group's wafer subsidiary, SK Siltron, which was once thought to be imminent, has encountered a major unexpected turn recently. Since selecting the Doosan Group as the preferred negotiating partner late last year, this highly anticipated deal has not been finalized as expected by the end of May 2026. Instead, it has stalled. The latest information reveals that SK Group has begun reassessing the entire sale plan and may even put it on hold urgently. Behind this shift lies a strategic tug-of-war between the semiconductor super-cycle and the group's AI ambitions.

Review of the Transaction Process

In December 2025, the Doosan Group was chosen by SK Group as the preferred partner for the sale of SK Siltron, with plans to acquire a 70.6% stake held by the latter (including 51% from SK Inc. and 19.6% under a Total Return Swap contract). The transaction progressed rapidly for a time, with market predictions pointing towards a final agreement being signed around May 28, 2026. However, this timeline was abruptly postponed. On June 3, it was disclosed that SK Group had stepped in and initiated a reassessment of the sale plan.

Strategic Reassessment

The initial push to sell SK Siltron was part of SK Group's business rebalancing efforts aimed at improving its financial structure. However, as the global semiconductor industry entered a boom phase driven by demand for AI and High Bandwidth Memory (HBM), the strategic value of semiconductor materials, especially wafers, has been dramatically amplified.

SK Group is vigorously building an AI value chain spanning semiconductor manufacturing, data centers, and energy infrastructure. In this context, SK Siltron, as the world's third-largest semiconductor silicon wafer manufacturer, has transformed from a sellable asset into an indispensable strategic hub connecting upstream materials with downstream chip manufacturing. Within the group, particularly from SK hynix, strong doubts have been raised about the effectiveness of selling SK Siltron.

Key Variables and Future Direction

The complexity of the deal is also reflected in the shareholding structure. Beyond the 70.6% stake held by the group, Chairman Choi Tae-won personally holds the remaining 29.4% of SK Siltron. The handling, valuation, and timing of the sale of this portion have been key variables in the negotiations, believed to directly influence the final completion timeline of the deal. For Doosan to gain full control, separate negotiations with Chairman Choi are necessary.

Looking ahead, the sale plan could be terminated altogether, with SK Group integrating SK Siltron deeper into its semiconductor business portfolio centered around SK hynix, strengthening internal supply chain security and synergies. Alternatively, the transaction could be restarted after a revaluation and adjustment of terms, but this would require the Doosan Group to present a more attractive offer and properly resolve the issue of Chairman Choi's personal stake.

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