AIBRIEF
SK Telecom will split its SK Broadband unit, putting AI data centers into a new company called SK Horizon that KKR and the IMM Stonebridge consortium will back with 3.08 trillion won (~$2.3B) of equity.
SK Telecom is reorganizing its data center business around artificial intelligence, splitting its SK Broadband unit into a surviving fixed-line company and a new AI-infrastructure company called SK Horizon. SK Horizon will be backed by KRW 3.08 trillion (roughly $2.3 billion at recent rates) of equity from KKR-managed funds and a Korean private-equity consortium led by IMM Investment and Stonebridge, the company said in a Wednesday release.
The new entity inherits eight data centers already in operation: sites in Seocho, Ilsan, Bundang, Gasan, Centum, Yangju, and Pangyo. SK Horizon is targeted to reach 318 megawatts of total capacity, with two additional AI data centers under construction in Ulsan and Guro. SK Horizon will also pursue phased expansion of the submarine-cable network that links Korea to global cloud and AI customers.
The deal is structured as a "definitive agreement," not a closed transaction. SK Telecom keeps oversight of the AI data center business at the parent level; SK Horizon handles day-to-day operations and expansion. A separate unit, SK Hyper, is reserved for gigawatt-scale projects, and the surviving SK Broadband will pivot to AI-transformation services for fixed-line, media, and enterprise clients. The spin-off ratio is set at roughly 0.84 for the surviving company and 0.16 for SK Horizon, based on book value of net assets.
Several details remain unconfirmed outside the company's release: the exact stake split between KKR and the IMM-Stonebridge consortium, the closing timeline, and any regulatory review by Korean or foreign-investment screening bodies.