사진 확대
SK Telecom will separate SK Broadband’s data center and submarine cable business to establish ‘SK Horizon’, an artificial intelligence (AI) data center company. Global investment companies Kolberg Kravis Roberts (KKR) and IMM Investment-Stone Bridge Consortium will invest 3.80 trillion won in the new corporation. SK Telecom’s separation of the AI data center as a separate corporation is interpreted to provide a channel to directly attract external capital to AI infrastructure projects that require large-scale financial resources along with strengthening expertise.
SK Telecom announced on the 27th that it will split its wholly-owned subsidiary SK Broadband into the remaining company SK Broadband and the new company SK Horizon, and attract external investment in the new company.
According to SK Broadband’s decision to split the company announced on the same day, the targets of the division are data center business, content transmission network (CDN) services, and international dedicated line services based on self-submarine cables. Wired communication and media and enterprise businesses remain in SK Broadband. The division ratio is 83.5% for SK Broadband and 16.5% for SK Horizon based on net asset book value. Net assets allocated to new companies are 475.8 billion won, and total assets after division are 2.613 trillion won. It will be divided on February 1 after an extraordinary general meeting of shareholders on January 15 next year, and both surviving and newly established companies will operate as unlisted companies.
◆ SK Horizon, SKT as a direct subsidiary
The key is the way. If it was a physical division, SK Horizon will remain a subsidiary of SK Broadband. However, SK Horizon will become a subsidiary that SK Telecom directly owns. By separating data center assets that were one body with wired and media, it created a structure that allows financial investors to selectively burn funds only to AI infrastructure.
SK Group announced a plan to build an AI data center with a total of 15 GW in June. Although it requires tens of billions of won in funds, SK Telecom’s own financial resources are limited. Consolidated operating profit in the second quarter was 566 billion won, which is around 2 trillion won per year. It is against this backdrop that SK Telecom announced last month that it will use a combination of self-investment, strategic partner investment, long-term global customer contracts, and project financing (PF) as financing. This attraction of 3.80 trillion won is the first large-scale implementation case.
◆ SKT, Horizon, and Hyper triangular formation
SK Telecom has signed a main contract for equity investment worth a total of 3.80 trillion won with the KKR and IMM consortium. When the phased investment is completed, SK Telecom will maintain management control at 51%, KKR will hold 29% and IMM consortium will hold 20%. As SK Broadband is currently a 100% subsidiary of SK Telecom, external shares are coming in up to 49%.
SK Horizon is in charge of expanding infrastructure with a total of 318MW, including eight data centers in operation in Seocho, Ilsan, Bundang, Gasan, Centum, Yangju, and Pangyo, and AI data centers under construction in Ulsan and Guro. The CEO will be Kim Sung-soo, CEO of SK Broadband.
As a result, SK Telecom’s AI data center business has been reorganized into three companies. SK Telecom is in charge of strategy and global big tech cooperation, while SK Horizon is in charge of operating existing centers and expanding infrastructure. SK Hyper, which was established in July, is in charge of developing new large-scale businesses.
SK Telecom plans to invest 750 billion won in SK Hyper by 2030 to gradually operate 5GW in 2029 and expand it to 15GW in 2035. SK Broadband, whose AI data center has been separated, is focusing on wired, media, and enterprise businesses.
[Reporter Kim Daegi / Reporter Park Sungbae]