SK Telecom spins off SK Broadband, forms SK Horizon with KRW 3.08 trillion investment
SK Telecom will spin off SK Broadband into a surviving SK Broadband and a new company, SK Horizon, which will manage eight operating AI data centers and expand to 318 MW capacity while developing submarine cables. KKR and the IMM Investment-Stonebridge consortium committed a combined KRW 3.08 trillion for equity stakes that would leave SK Telecom with 51% ownership, KKR with 29% and the IMM consortium with 20%. SK Hyper will focus on GW-scale projects, targeting 5 GW by 2029 and 15 GW by 2035. The transaction requires shareholder and government approvals and aims for completion in the first quarter next year.
SK Horizon will receive KRW 3.08 trillion in equity funding.
Context
SK Telecom created SK Hyper last July to pursue large AIDC projects. Now it will spin off SK Broadband's infrastructure assets and take external investment. The next steps are shareholder votes and government approvals toward a Q1 company…
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