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SK Innovation to Merge SK On With SK Enmove and Raise 8 Trillion Won

Combining battery operations with lubricant services is aimed at unlocking synergies that will fortify SK Innovation’s finances

Overview

  • SK Innovation approved merging its battery unit SK On with lubricant affiliate SK Enmove to form a new electrification entity launching on November 1, 2025.
  • The company plans to raise 8 trillion won this year through rights offerings and bond issuances to shore up its balance sheet.
  • It intends to divest non-core assets to reduce borrowings by more than 1.5 trillion won by the end of 2025.
  • SK Innovation confirmed that an initial public offering of the merged entity is not under consideration and will focus on improving SK On’s profitability.
  • The group is targeting 20 trillion won in EBITDA and net borrowings below 20 trillion won by 2030 to strengthen its financial health.