■ SK Innovation successfully closed the deal of selling 40% stake in SK Lubricants

SK Innovation announced on April 28^th that it has successfully sold its 40% stake in SK Lubricants, which has been recognized for its business feasibility in the financial market as well. The counterparty that will acquire the stake is IMM Credit Solutions, which is a subsidiary of IMM Private Equity (PE), a Korean private equity fund (PEF) manager.

SK Innovation held the board of directors on the 28^th to decide on a sale agenda, and then signed the sale contract immediately after the convention of the boards of directors of both parties. SK Lubricants’ corporate value was about KRW 3.3 trillion, according to the two parties’ evaluation. The sale price was set at KRW 1.1 trillion after deducting debts among others. Citigroup Global Market Securities participated as the organizer.

SK Innovation stated, “This proves that SK Lubricants’ market dominant business capabilities and the potential for future growth in new businesses are well recognized in the financial market. We will work with IMM, which now has become the second greatest shareholder, to strive for SK Lubricants’ second leap and growth.”

SK Lubricants is SK Innovation’s 100% owned subsidiary that manufactures and sells lube base oils and lubricants, and has been an unchallenged leader in the world for premium lube base oils (group III) for over 20 years. The company is also leading the fast-growing EV lubricants market by launching a series of EV lubricants optimized for EVs, based on its unrivaled technological advantage.

Last year, SK Lubricants recorded an operating profit of KRW 266.2 billion with consolidated sales of KRW 2.688 trillion. With the operating profit rate reaching approximately 9.8%, the company is making stable income.