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SK E&C has completed the 282.6 billion won ($252.2 million) sale of its communication infrastructure unit, SK TNS, to Alchemist Capital Partners Korea, the South Korean construction company said in a regulatory filing on Monday.

The announcement comes after SK E&C said in January that it had agreed to sell 100% of the subsidiary to the private equity firm as it shifted its focus to eco-friendly and renewable energy-related businesses.

Alchemist invested in SK TNS through a special purpose vehicle called Network Infra Holdings, which secured capital commitments of 203.5 billion won. The Seoul-based firm also obtained about 100 billion won of debt commitments from Mirae Asset Securities, KB Securities and Hana Bank to fund the acquisition.

SK E&C said in a separate filing that it had invested 600 billion won in the special purpose vehicle “to earn dividend income and capital gains”. SK E&C’s contribution to the vehicle, which went to a subordinated tranche, represents 29.48% of the total commitments.

SK E&C’s reinvestment is seen as a sign that the construction firm wants to retain its interest in SK TNS indirectly while unloading a majority stake of the business, industry watchers said.

SK TNS builds communication networks and counts SK Telecom and SK Broadband among its customers. The company is expected to benefit from 5G rollout and rising demand for home connectivity. It generated about 45 billion won of earnings before interest, tax, depreciation and amortization for the 12 months to June 2019.

Alchemist has partnered with SK affiliates in several deals in recent years. When the private equity firm acquired MagnaChip Semiconductor’s foundry business in collaboration with Gravity Private Equity in March last year, SK Hynix made a 200 billion won capital commitment.

In July last year, Alchemist purchased a controlling stake in Kosdaq-listed Oceanbridge, which manufactures chemicals used in semiconductor processes and equipment, through a special purpose vehicle called Pan-Asia Semiconductor Materials. The special purpose vehicle is controlled by one of Alchemist’s funds, whose largest investor is SK Telecom. (Reporting by Hee-yeon Han)