(MENAFN) SK C&C Co., an IT service unit of South Korea's No.3 conglomerate SK Group, said it will merge with SK Holdings Co. through a stock swap deal, Yonhap News reported.
The move is seen as part of group wide efforts to solidify its chairman's grip on the group and is the latest in a series of moves by the country's firms to revamp their ownership structure.
Although SK C&C leads the deal, the merged entity will tentatively keep the name SK Holdings to maintain the identity among SK affiliates. The combined assets of the new entity are estimated at USD12.16 billion.
The group's chairman currently holds a stake of 32.9 percent in SK C&C Co., which in turn owns 31.8 percent of SK Holdings, allowing him to virtually control the group.
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