- \n
- SK Telecom further restructures its AI infrastructure business to enhance expertise, accelerate decision-making, and enable focused investment<\/i><\/b>\n
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- Plans to establish a new company \u2018SK Horizon\u2019 by spinning off SK Broadband\u2019s data center and submarine cable businesses<\/i><\/b><\/li>\n
- KKR and the IMM Investment-Stonebridge consortium will each invest in SK Horizon, with their investments totaling KRW 3.08 trillion into SK Horizon, providing funding for large-scale expansion<\/i><\/b><\/li>\n<\/ol>\n<\/li>\n
- SK Telecom to oversee the AI data center business, SK Horizon to handle operations and expansion, and SK Hyper to develop GW-scale projects<\/i><\/b><\/li>\n
- The surviving company, SK Broadband, to drive AX-based innovation to enhance competitiveness across its businesses, including fixed-line and media<\/i><\/b><\/li>\n<\/ul>\n
SEOUL, South Korea–(BUSINESS WIRE<\/a>)–
\nSK Telecom (NYSE: SKM, hereinafter \u201cSKT\u201d) today announced that it will split its wholly owned subsidiary SK Broadband into a surviving company (SK Broadband) and a newly established company (SK Horizon). In connection with the spin-off, SKT has entered into a definitive agreement with funds managed by KKR, a leading global investment firm, and the IMM Investment-Stonebridge consortium (the \u201cIMM consortium\u201d) for a combined KRW 3.08 trillion equity investment in SK Horizon.<\/p>\nThis press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20260827805012\/en\/<\/a><\/p>\n
![\"AIDC](\"https:\/\/mms.businesswire.com\/media\/20260827805012\/en\/2883994\/4\/Picture1.jpg\")
<\/p>\nAIDC Business Control Tower<\/p>\n<\/div>\n
\nThe surviving company will focus on innovation in its fixed-line, media, and enterprise businesses, while the newly established company will aim to expand Korea\u2019s leading AI data center (AIDC) infrastructure. Based on the book value of net assets, the spin-off ratio has been set at 0.8351323 (approximately 0.84) for the surviving company and 0.1648677 (approximately 0.16) for the newly established company.<\/p>\n
\nSK Horizon, whose name reflects its ambition to \u201copen new horizons\u201d in the AIDC sector, will be responsible for expanding its infrastructure to a total capacity of 318 MW, encompassing eight data centers already in operation – Seocho, Ilsan (two locations), Bundang, Gasan, Centum, Yangju, and Pangyo – and new AIDCs currently under construction, including those in Ulsan and Guro. It will also pursue the phased expansion of its submarine cable infrastructure, which is essential for global AI businesses.<\/p>\n
\nSKT plans to strengthen its AIDC operational expertise through SK Horizon and expand into a range of AI infrastructure businesses going forward. In particular, its streamlined decision-making structure is expected to enable the company to more effectively secure funding for key business areas, including through external investment.<\/p>\n
\nKim Seong-soo, CEO of the surviving company SK Broadband, is expected to concurrently serve as CEO of the new company, SK Horizon. The appointment will be finalized through a resolution of the Board of Directors following the completion of the company\u2019s establishment early next year.<\/p>\n
Securing trillion-won-scale investment from KKR and the IMM consortium demonstrates the strength and future potential of the AIDC business<\/b><\/p>\n
\nAlongside the spin-off, SKT announced that it has entered into a definitive agreement with funds managed by KKR and the IMM consortium for a combined KRW 3.08 trillion equity investment in SK Horizon. As investors in the newly established company, KKR and the IMM consortium will provide capital to support SK Horizon\u2019s expansion as an AI data center infrastructure platform. Upon completion of all phases of the investment under the transaction, KKR and IMM will hold 29% and 20% stakes in SK Horizon, respectively, while SKT will retain management control as the largest shareholder with a 51% stake.<\/p>\n
\nKKR is one of the most active infrastructure investors globally, with over $100 billion in infrastructure assets under management and more than $70 billion invested across digital and power assets. KKR is making this investment primarily from its Asia Pacific infrastructure strategy.<\/p>\n
\nThe IMM Investment-Stonebridge Consortium comprises two leading South Korean investment firms, IMM Investment and Stonebridge Capital. IMM Investment, founded in 1999, is a leading South Korean alternative investment firm with over USD 7.5 billion in assets under management across venture capital, growth equity, and infrastructure. Stonebridge Capital, founded in 2008, is a leading South Korean private equity firm with approximately KRW 3.6 trillion (USD 2.5 billion) in cumulative assets under management, investing in market-leading companies in structurally growing sectors.<\/p>\n
SKT fully set for AIDC expansion with SK Horizon and SK Hyper<\/b><\/p>\n
\nWith this governance restructuring, SKT has completed the establishment of a full-scale AIDC business structure together with SK Horizon and SK Hyper, a specialized company established last July.<\/p>\n
\nSKT will oversee the Group\u2019s overall AIDC business, setting business strategies and directions and collaborating with global big tech companies. Building on its expertise and capabilities in data center operations, SK Horizon will be responsible for expanding infrastructure, including existing key AIDCs and submarine cables.<\/p>\n
\nSK Hyper will focus on business development for new AIDC projects, with 5 GW of capacity targeted for phased opening in 2029 and expansion toward a total capacity of 15 GW in 2035.<\/p>\n
\nMeanwhile, the surviving company, SK Broadband, plans to strengthen the competitiveness of its fixed-line, media, and enterprise businesses through AX-driven innovation in products and services, while sustaining solid growth. It also plans to accelerate future growth by actively identifying new business models.<\/p>\n
\nWith the aim of completing the spin-off and establishing the new company in the first quarter of next year, the necessary procedures, including an extraordinary general meeting of shareholders and government approvals will be carried out.<\/p>\n
\n\u201cThis governance restructuring is a proactive measure aimed at strengthening expertise and enabling faster execution in the AIDC business,\u201d said Kim Seong-soo, CEO of SK Broadband<\/b>. \u201cAs an AIDC infrastructure company, we will continue to scale up SK Horizon and grow it into Korea\u2019s leading data center operator.\u201d<\/p>\n
\n\u201cWe are pleased to support SKT as it establishes SK Horizon and expands its AI data center infrastructure platform in Korea,\u201d said Keith Kim, Partner at KKR<\/b>. \u201cSK Horizon brings together an established operating platform, capacity under development and a strong strategic partner. Korea\u2019s advanced digital ecosystem and growing demand for AI capacity provide a strong foundation for SK Horizon\u2019s next phase of growth.\u201d<\/p>\n
\n\u201cAI data centers and submarine cables will be among the core infrastructure assets shaping Korea’s digital sovereignty and industrial competitiveness going forward,” said Kim Byung-hun, Head of Infrastructure at IMM Investment<\/b>. “By investing in SK Horizon on the back of long-term capital from Korea’s leading institutional investors, the IMM Investment-led consortium aims to build a sustainable growth structure that combines the capital strength of our global partner with the stability of domestic capital.”<\/p>\n
About SK Telecom<\/b><\/p>\n
\nSK Telecom has been a leader in telecommunications since 1984. Today, the company drives innovation across the full-stack AI ecosystem\u2014encompassing infrastructure, models, and services\u2014to create value for industries, customers, and society. For more information, please visit our newsroom at https:\/\/news.sktelecom.com\/en\/<\/a> or our LinkedIn page at www.linkedin.com\/company\/sk-telecom<\/a>.<\/p>\n
About KKR<\/b><\/p>\n
\nKKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR\u2019s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR\u2019s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR\u2019s website at www.kkr.com<\/a>. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group\u2019s website at www.globalatlantic.com<\/a>.<\/p>\n
About IMM Investment<\/b><\/p>\n
\nIMM Investment is a leading alternative investment firm headquartered in Seoul, South Korea, managing over US$7.5 billion in assets across venture capital, growth equity, and infrastructure. Founded in 1999, the firm is known for its active investment approach, deep local insight, and a track record of partnering with innovative companies and large-scale platforms. IMM operates through a team of over 70 investment professionals across four offices in Seoul, Singapore, Tokyo, and Hong Kong, committed to delivering differentiated investment strategies and long-term value creation.<\/p>\n
About Stonebridge Capital<\/b><\/p>\n
\nStonebridge Capital is a leading private equity firm headquartered in Seoul, South Korea, with approximately US$2.5 billion in cumulative assets under management. Founded in 2008, the firm invests in companies with strong market positions across structurally growing sectors, including AI and technology, bio and healthcare, K-culture, and green energy.<\/p>\n
\nLeveraging deep local market insight and the broader Stonebridge platform, including its venture capital affiliates, Stonebridge Capital has developed differentiated networks and access across emerging industries. The firm combines these capabilities with a hands-on investment approach, partnering closely with management teams to strengthen fundamental competitiveness and drive sustainable, long-term value creation.<\/p>\n
Forward-Looking Statements<\/b><\/p>\n
\nCertain statements in this press release, including statements regarding the proposed spin-off and investment transactions, the expected timing and completion thereof, the resulting ownership structure, and SK Telecom\u2019s plans and expectations regarding its AI data center and AI infrastructure businesses, are forward-looking statements within the meaning of the U.S. federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations.<\/p>\n
\nSuch risks and uncertainties include the satisfaction of conditions to the proposed transactions, including required governmental and regulatory approvals, the possibility that the transactions may be delayed or may not be completed as anticipated, and risks relating to the development and expansion of SK Telecom\u2019s AI infrastructure business, as well as other factors described in reports filed or furnished by SK Telecom with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 20-F.<\/p>\n
\nThese forward-looking statements speak only as of the date hereof. Except as required by applicable law, SK Telecom undertakes no obligation to update these forward-looking statements.<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260827805012\/en\/<\/a><\/span><\/p>\n
Media Contacts
\n<\/b>
For SK Telecom
\n
Corporate Communications
\n
skt_global@sk.com<\/a><\/p>\n\nFor KKR:<\/p>\n
\nWei Jun Ong
\n
+65 6922 5813
\n
WeiJun.Ong@kkr.com<\/a><\/p>\n\nJames Jarman
\n
+65 8870 6452
\n
James.Jarman@kkr.com<\/a><\/p>\n\nFor IMM Investment:<\/p>\n
\nOnsoo Kim
\n
+82 10 9779 2219
\n
onsoo.kim@edelman.com<\/a><\/p>\n\nPatrick Chung
\n
+82 10 2954 2907
\n
Patrick.Chung@edelman.com<\/a><\/p>\n\nFor Stonebridge Capital:<\/p>\n
\nYou-jeong Chang
\n
+82 10 4730 1887
\n
yjch@stonebridge.co.kr<\/a><\/p>\nKEYWORDS:<\/b> Asia Pacific South Korea<\/p>\n
INDUSTRY KEYWORDS:<\/b> Telecommunications Finance Media Artificial Intelligence Data Management Communications Professional Services Technology<\/p>\n
- KKR and the IMM Investment-Stonebridge consortium will each invest in SK Horizon, with their investments totaling KRW 3.08 trillion into SK Horizon, providing funding for large-scale expansion<\/i><\/b><\/li>\n<\/ol>\n<\/li>\n
- Plans to establish a new company \u2018SK Horizon\u2019 by spinning off SK Broadband\u2019s data center and submarine cable businesses<\/i><\/b><\/li>\n
![\"Photo\"](\"https:\/\/mms.businesswire.com\/media\/20260827805012\/en\/2883994\/3\/Picture1.jpg\")
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