SK Telecom’s board approved a plan to spin off its data center and submarine cable businesses into a new entity named SK Horizon. This dedicated AI infrastructure company aims to accelerate growth and streamline decision-making for capital-intensive operations.
The company secured ₩3.08 trillion in equity investment for the new venture. This funding is approximately equivalent to $2.2 billion. Global investment firm KKR and a consortium led by IMM Investment provided the capital. The transaction involves both the sale of existing shares and the issuance of new ones.
SK Telecom will retain a 51% controlling stake in SK Horizon. KKR will hold a 29% stake in the new company. The IMM consortium will hold the remaining 20% interest. The raised capital will fund the expansion of AI data centers.