Asia Tech Wire (Nov 1) -- South Korea's SK Group announced that it has completed the merger of SK Innovation and SK E&S, officially launching a merged corporation on Friday.

The two energy subsidiaries of SK Group announced the merger in July.

The merger will make SK Innovation the largest privately owned integrated energy company in the Asia-Pacific region, with the merged corporation's assets amounting to 105 trillion won based on an asset valuation in the first half of 2024.

SK Innovation completed the merger with SK E&S on the same day, as well as the merger process of subsidiaries SK On and SK Trading International.

Upon completion of the merger, SK E&S will operate as an in-house independent company (CIC) within SK Innovation under the new name of SK Innovation E&S.

And SK Innovation also expects to complete the merger of SK On and SK Enterm on February 1 next year.

As a result of the merger, electric vehicle battery maker SK On has also renamed SK Trading International to SK On Trading International, which will also operate as a CIC.