SK E&C signs 1 tln won takeover deal
SEOUL, Sept. 2 (Yonhap) -- SK Engineering & Construction Co., a leading South Korean builder, said Wednesday that it has signed a deal to acquire EMC Holdings, a local environmental management company, for about 1 trillion won (US$843 million) to make inroads into eco-friendly businesses.
SK E&C said its share purchase agreement inked with private equity fund Affirma Capital on Tuesday could be closed by the end of this year.
SK E&C said it will develop recycling and reuse technology based on EMC Holdings' businesses.
"We can pursue eco-friendly businesses as we obtain a future growth driver through the acquisition," SK E&C CEO Ahn Jae-hyun said in comments provided by the company.
EMC Holdings is the holding company of Environment Management Corp., a major environmental management company, which runs about 970 sewage and wastewater treatment facilities across South Korea.
SK E&C is an unlisted construction arm of SK Group, a South Korean telecom-to-chemicals conglomerate.
entropy@yna.co.kr
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