Asia Tech Wire (July 17) -- SK Innovation and SK E&S, the two energy arms of SK Group, held separate board meetings on Wednesday and voted to merge the two companies.

The merger ratio of SK Innovation and SK E&S is around 1:1.2.

If the merger goes through, a super energy company with assets of 106 trillion won and annual sales of 90 trillion won will be born.

The merger is part of SK Group's restructuring efforts to strengthen its energy business and lay the foundation for future growth.

And another purpose of the merger is to provide financial support for SK On, SK Innovation's battery subsidiary.