SK Group to Merge Energy Units to Help Ailing Battery Business

SK Group will combine two energy-related units as South Korea’s second-largest conglomerate undergoes a major restructuring in a bid to shore up finances in a loss-making battery business.

SK Innovation Co., the parent of troubled battery unit SK On Co., will acquire SK E&S Co. in an all-stock deal, according to an exchange filing on Wednesday. The combined company will have total assets of about 100 trillion won ($73 billion), SK Innovation said. In addition, SK On will be merged with two other units of SK Innovation, the filing showed.

The merger, which is part of SK’s group-wide ...