Korean PE firm buys SK Chemical’s biofuel arm for $322 million

In South Korea, the Korea Herald newspaper reports that following a $3.2 billion Korea-focused fundraise last year, Korean private equity firm Hahn & Co has purchased SK Chemical’s biofuel arm for more than $322 million. SK Chemical is the country’s largest biodiesel producer but the biofuels unit has now been spun out from the wider green chemicals division that also develops copolyester, plastics, coating materials and others. The biofuels unit represented one-tenth of the green chemicals division’s assets but brought in one-fifth of its revenue in 2018.