Sell-side advisory for SI Flex (Project Sunrise)

PwC Korea advised the majority shareholder of SI Flex, a leading Korean flexible printed circuit board manufacturer, on the sale of an 84.1% controlling interest to Well to Sea Investment. Valued at KRW 510 billion on a 100% equity basis, the transaction was a large-scale manufacturing M&A deal that required careful consideration of a complex ownership structure, multiple stakeholders and the target’s long-standing relationships with global customers including Samsung Electronics and Apple.

Despite having no prior direct relationship with the seller or the target at the outset, PwC Korea built trust by presenting a detailed sale plan, potential buyer universe and proposed transaction structure. PwC Korea subsequently identified Well to Sea Investment as the most suitable buyer after comprehensively assessing transaction value, closing certainty, financing capability and value creation potential, and successfully guided the bilateral negotiations through SPA signing and closing.

PwC Korea supported the entire transaction process, including the design of the equity and SPC structures, due diligence and valuation, investor negotiations, SPA and SHA negotiations, and the resolution of tax, legal and commercial issues. In particular, the team supported value maximization for the seller by carefully reviewing the EBITDA-based pricing mechanism, cut-off matters for receivables and payables, and the value of non-operating assets, while maintaining strict confidentiality throughout the process.