South Korea’s investment house Glenwood Private Equity has inked a deal to buy a controlling stake in the world’s leading polyimide film maker SKC Kolon PI for 608 billion won ($523.2 million) from its two major stakeholders, according to regulatory filings on Tuesday.

The purchase price of a 54.07 percent stake in SKC Kolon PI has shrunk from earlier market estimates of some 700 billion won. The transaction is poised to take place by Feb. 28.

SKC Kolon PI is a joint venture of Korean chemical firms, SKC and Kolon Industries. It manufactures heat-resistant polyimide films for foldable smartphones and secondary cells for electric vehicles. The two companies evenly hold 27.03 percent stake and will receive 304 billion won each following the transaction.

The company had a market share of 29.5 percent in 2018, followed by Kaneka and DuPont-Toray, according to the company. Its net profit in 2018 came to 35 billion won, up 6.7 percent on-year.

Glenwood Private Equity, which focuses on buyout strategies, was selected as the preferred bidder in November.

By Son Ji-hyoung (consnow@heraldcorp.com)