SK On, an electric vehicle battery manufacturer owned by South Korea's SK Group, announced earlier this month that it has completed a three-way merger, officially launching itself as a "global battery and trading company".

SK On merged with SK Trading International in November last year, and after the merger, SK Trading International operated under a company-in-company (CIC) system, using the name "SK On Trading International".

Following the merger with SK Trading International, SK On officially merged with SK Enterm this month.

SK Enterm, South Korea's largest commercial tank terminal operator, will continue to operate as part of SK On Trading International after the merger.

SK Group said that through this merger, SK On aims to enhance its raw material procurement capabilities and financial stability.

As a result of the merger, SK On's revenues and assets are expected to increase to KRW 62 trillion and KRW 40 trillion, respectively.