Key Takeaways
- • Hahn & Company, a South Korean private equity fund manager, will delist SK D&D by acquiring all remaining shares through a tender offer valued at up to 88.8 billion won (approximately $68 million USD).
- • The acquisition price is 12,750 won per share, representing a 13.94% premium to the September 30th closing price of 11,190 won, with the tender offer period running October 1-29, 2025.
- • Hahn & Company will acquire SK Discovery's 31.27% stake (5,821,751 shares) via stock purchase agreement and conduct a tender offer for the remaining 37.4% stake (6,962,587 shares) held by other shareholders.
- • The delisting concludes a seven-year joint investment period and is expected to accelerate return on investment by converting SK D&D to an unlisted company with increased management autonomy.
- • SK Discovery will benefit by divesting a non-core real estate development subsidiary, enabling the conglomerate to focus on core businesses including energy and biotech segments.
Summary
Hahn & Company, one of South Korea's largest private equity managers, has initiated a full acquisition and voluntary delisting of SK D&D, a company jointly managed with SK Discovery since 2018. According to filings on October 1st, 2025, Hahn & Company's development holding subsidiary signed a stock purchase contract to acquire SK Discovery's entire 31.27% stake, representing 5,821,751 shares. The entity will simultaneously launch a tender offer for the remaining 37.4% of shares held by other investors, bringing the combined transaction value to approximately 88.8 billion won.
The tender offer price of 12,750 won per share reflects a 13.94% premium to the previous closing price and will remain open through October 29th, 2025. Hahn & Company financed the full acquisition amount through borrowings from NH Investment & Securities, which is also organizing the tender offer. This delisting marks the conclusion of a seven-year investment cycle that began in 2018 when Hahn & Company initially invested 19.4 billion won to acquire a 24% stake in SK D&D alongside acquiring 3.5% of SK Gas Holdings for an additional 19.5 billion won.
The transaction provides dual strategic benefits. For Hahn & Company, converting SK D&D to an unlisted entity is expected to accelerate investment returns by eliminating public market constraints and enabling greater operational control. For SK Discovery, the divestiture allows the conglomerate to streamline its portfolio by shedding a non-core real estate development subsidiary, permitting management focus on higher-priority segments including energy and biotech operations. The voluntary delisting reflects typical private equity exit strategies in the South Korean market, where portfolio companies transition from public to private ownership to optimize value creation.
The tender offer price of 12,750 won per share reflects a 13.94% premium to the previous closing price and will remain open through October 29th, 2025. Hahn & Company financed the full acquisition amount through borrowings from NH Investment & Securities, which is also organizing the tender offer. This delisting marks the conclusion of a seven-year investment cycle that began in 2018 when Hahn & Company initially invested 19.4 billion won to acquire a 24% stake in SK D&D alongside acquiring 3.5% of SK Gas Holdings for an additional 19.5 billion won.
The transaction provides dual strategic benefits. For Hahn & Company, converting SK D&D to an unlisted entity is expected to accelerate investment returns by eliminating public market constraints and enabling greater operational control. For SK Discovery, the divestiture allows the conglomerate to streamline its portfolio by shedding a non-core real estate development subsidiary, permitting management focus on higher-priority segments including energy and biotech operations. The voluntary delisting reflects typical private equity exit strategies in the South Korean market, where portfolio companies transition from public to private ownership to optimize value creation.
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