Aug. 27 at 10:49 AM
$SKM $KKR
SK Telecom launches SK Horizon, secures investments from KKR and IMM
SK Telecom (SKM) announced that it will split its wholly owned subsidiary SK Broadband into a surviving company and a newly established company. In connection with the spinoff, SKT has entered into a definitive agreement with funds managed by KKR (KKR) and the IMM Investment-Stonebridge consortium for a combined KRW 3.08T equity investment in SK Horizon. The surviving company will focus on innovation in its fixed-line, media, and enterprise businesses, while the newly established company will aim to expand Korea's leading AI data center infrastructure. Based on the book value of net assets, the spin-off ratio has been set at 0.8351323 for the surviving company and 0.1648677 for the newly established company.
SK Horizon will be responsible for expanding its infrastructure to a total capacity of 318 MW, encompassing eight data centers already in operation. As investors in the newly established company, KKR and the IMM consortium will provide capital to support SK Horizon's expansion as an AI data center infrastructure platform. Upon completion of all phases of the investment under the transaction, KKR and the IMM consortium will hold 29% and 20% stakes in SK Horizon, respectively, while SKT will retain management control as the largest shareholder with a 51% stake.
