Why it matters
The strategic read
Moves SK Telecom's operating data centers, projects under construction and submarine-cable assets into a dedicated infrastructure platform with more than KRW 3T of signed outside capital. The structure gives KKR and the IMM consortium a combined 49% stake while SK Telecom retains control, creating a funded 318 MW base for Ulsan, Guro and further AI data-center expansion alongside SK Hyper's separate gigawatt-scale development mandate.
Source-supported terms
What was disclosed
- 01
SK Telecom will split SK Broadband into the surviving SK Broadband business and a newly established AI infrastructure company named SK Horizon.
- 02
KKR-managed funds and the IMM Investment-Stonebridge consortium signed definitive agreements to invest a combined KRW 3.08T in SK Horizon.
- 03
Upon completion of all phases, KKR will hold 29% and the IMM consortium 20%, leaving SK Telecom with a controlling 51% interest.
- 04
SK Horizon will operate eight existing data centers and add the Ulsan and Guro AI data centers currently under construction, targeting 318 MW in total.
- 05
The company will also expand submarine-cable infrastructure needed for global AI workloads, while SK Hyper focuses on gigawatt-scale development projects.
- 06
The new company is expected to be established early in 2027, with its CEO appointment finalized after establishment.
Disclosure boundary
What is known—and what is not
Definitive equity-investment agreements announced by SK Telecom in connection with the planned SK Broadband spin-off. The issuer release identifies the KRW 3.08T combined commitment, investor groups, post-investment ownership, 318 MW platform scope, operating and under-construction data centers, submarine-cable assets and business responsibilities. Completion remains tied to the spin-off and phased investment process. Public materials do not provide the investment agreements, valuation methodology, phase-by-phase funding schedule, closing conditions, return terms, governance protections, project-level capital allocation, customer contracts, power agreements, construction budgets or gigawatt-project commitments.