IMM Private Equity, a Korean private equity fund manager, completed the acquisition of a 40% stake in SK Lubricants, a company in the lubricant oil business, from SK Innovation, a petroleum refining company, for $987m. "This proves that SK Lubricants’ market dominant business capabilities and the potential for future growth in new businesses are well recognized in the financial market. We will work with IMM, which now has become the second greatest shareholder, to strive for SK Lubricants’ second leap and growth," SK Innovation.