SEOUL, Dec. 2 (Xinhua) -- South Korea's private equity firm Hahn & Co. said Friday that it has acquired the industrial film business of SKC, an affiliate of South Korea's family-run conglomerate SK Group, for 1.6 trillion won (1.2 billion U.S. dollars).
It was the largest mergers and acquisitions (M&A) deal closed this year in South Korea, Hahn & Co. said.
M&A activity here has markedly slowed since the outbreak of the COVID-19 pandemic and grinded to a halt in the second half of this year, the private equity buyout firm noted.
Hahn & Co. and SK Group signed agreements in June for the former to acquire 100 percent of SKC's industrial film business, which was the largest here with revenues of 1.2 trillion won (953 million dollars) in 2021.
"This transaction represents an important milestone in what has been highly volatile M&A markets globally and in (South) Korea," said Hahn Sang-won, chief executive of Hahn & Co., which was established in 2010. ■