SK Telecom Launches AI Data Center Company 'SK Horizon'... Secures 3 Trillion Won Investment

[Financial News] SK Telecom will launch 'SK Horizon,' a company specializing in AI Data Center (AIDC) infrastructure. Backed by 3 trillion won in investment from global investors, SK Horizon will be responsible for expanding AI infrastructure to a total of 318 megawatts and building submarine cables. The company also plans to improve AIDC operating efficiency by establishing a faster decision-making system, while actively seeking additional outside investment.
The SK Group's AI infrastructure business is expected to accelerate, with SK Telecom at the center and SK Hyper and SK Horizon serving as operating companies.
On the 27th, SK Telecom said it will pursue a spin-off of its wholly owned subsidiary SK Broadband into the surviving SK Broadband and the newly established SK Horizon.
The split ratio was set at 0.8351323 for the surviving company and 0.1648677 for the new company, based on book value of net assets.
SK Horizon, whose name means 'opening a new horizon' in the AIDC sector, will oversee infrastructure expansion totaling 318 MW, including eight data centers already in operation and new AIDCs under construction in Ulsan and Guro District. It will also expand submarine cable construction, which is essential for global AI businesses, in stages.
In SK Group's AI infrastructure business, which runs from SK Telecom to SK Hyper and SK Horizon, SK Telecom will oversee the group's overall AIDC business. It will set business strategy and direction, while also working with global big tech companies.
SK Hyper, established in July, will be in charge of developing gigawatt-scale AIDC projects. It will focus on new AIDC development to support a phased rollout of 5 GW by 2029 and a sequential expansion to 15 GW by 2035.
Kim Sung-soo, president of SK Broadband, will concurrently serve as CEO of SK Horizon. The appointment will be finalized after the spin-off process is completed and approved by the board of the new company.
SK Horizon also secured 3.08 trillion won in investment from global investors KKR and the IMM Investment-Stonebridge Capital consortium.
Once the staged investment tied to the transaction is completed, KKR and the IMM consortium will hold 29% and 20% stakes in SK Horizon, respectively. SK Telecom will remain the largest shareholder with a 51% stake and retain management control.
KKR is one of the world's most active infrastructure investors and currently manages more than $100 billion in infrastructure assets. The investment is part of KKR's Asia-Pacific infrastructure investment strategy.
IMM Investment manages more than $7.5 billion in venture capital, growth capital and infrastructure assets. Stonebridge Capital is a domestic private equity manager that has invested in leading companies in growth industries and currently manages about $2.5 billion in cumulative assets.
The funds raised will be used for future investments, including additional expansion of SK Horizon's AI data centers and the development of AI DC infrastructure.
SK Horizon aims to complete the final spin-off and establishment in the first quarter of next year. It plans to move forward with related procedures, including government approvals and an extraordinary general meeting of shareholders.
President Kim said, "This governance restructuring is a preemptive step to secure expertise in the AI DC business and enable faster execution." He added, "As an AI DC infrastructure company, we will continue to scale up SK Horizon and grow it into the country's leading data center operator."
[email protected] Jang Min-kwon Reporter