KKR and IMM to Invest $2.1bn in SK Telecom's AI Data Centre Unit SK Horizon
Financial investors take 49% of a data centre company being split off from SK Broadband; SK Telecom keeps 51% and control.
- Deal value
- $2.1bn
- Stake
- 49%
- Implied 100%
- $3.5bn
- Revenue
- $240m
- Op. income
- —
- Multiples
- PSR 14.6x
혼합
Secondary KRW 1.8811tn + primary 1.2tn at same ~KRW 76.8k/share; post-money 3.0811tn ÷ 49% = 6.288tn − 1.2tn new money
2025 별도 · DART-verified
2025 별도 · DART-verified
On implied equity value
DART 20260827001001
- Target
- SK Horizon · Data centers
- Buyer
- KKR · IMM Investment–Stonebridge · FI
- Seller
- SK Telecom (secondary) + Company (new shares)
- Structure
- Primary + Secondary
- Announced
- Aug 27, 2026
- Closed
- —
- Stage
- Announced
Target
AI data-center operator to be created by spinning off SK Broadband, taking over 318MW of existing and under-construction AI data centers (including eight in the Seoul metropolitan area and a site in Ulsan) and the submarine-cable business.
Deal rationale
SK Telecom said it is carving out the AI data-center business into a dedicated company to speed decision-making and attract large-scale external investment, noting AI-infrastructure expansion was difficult within a structure tied to legacy cable and internet businesses. Once the KRW 3.08tn investment completes in stages, KKR will hold 29% and the IMM Investment-Stonebridge consortium 20%, with SK Telecom keeping 51% and control. IMM's infrastructure head Kim Byung-heon said it would build a sustainable growth structure based on long-term capital.
| Revenue | $240m |
| Operating income | — |
| EBITDA | — |
| Net income | — |
2025 별도 · DART-verified · 20260827001001
Lead
On 27 August 2026 SK Telecom announced that KKR and an IMM Investment–Stonebridge consortium will invest in SK Horizon, a new company being split off from SK Broadband’s data centre business. KKR will invest $1.3bn for 29% and IMM Investment–Stonebridge $869m for 20%, $2.1bn in total. SK Telecom will keep 51% and control.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is the largest outside investment in Korea’s AI data centre sector. A conglomerate keeps control while bringing financial investors into a single business unit. Reports describe a phased mix of new shares and existing shares sold by SK Telecom, but the exact split is unconfirmed.
Strategic context
SK Horizon holds eight data centres, sites under construction in Ulsan and Guro, and submarine cables, with 318MW of total capacity. KKR has been expanding its Korean AI infrastructure investments, including a $841.4m convertible bond investment in Samsung SDS in 2026.
Parent SK Broadband posted 2025 consolidated operating revenue of $3.1bn and operating income of $199.2m (DART 2025 annual report). SK Horizon’s standalone figures have not been disclosed.
What’s next
The spin-off and investment are targeted for completion in the first quarter of 2027, subject to shareholder votes and regulatory approvals.