KKR, IMM invest $2.1B in SK Telecom's new AI data center firm SK Horizon

The deal funds a capital-intensive AI buildout while SK Telecom keeps majority control, a model likely to spread across Asia's data center race.

• SK Telecom signed a definitive agreement for KKR and the IMM Investment-Stonebridge consortium to invest a combined KRW 3.08 trillion (about $2.1B) in SK Horizon, a new AI data center company spun off from SK Broadband.
• SK Horizon will operate and expand SK Telecom's AI data center infrastructure, taking over eight existing facilities plus new sites under construction in Ulsan and Guro, along with submarine cable assets.
• Once the investment closes, SK Telecom will retain 51% and management control, while KKR holds 29% and the IMM Investment-Stonebridge consortium holds 20% of SK Horizon.
• SK Horizon's data centers currently total 318 MW of capacity, a fraction of sister unit SK Hyper's target of 5 GW by 2029 and 15 GW by 2035.
• The transaction could value SK Horizon at up to KRW 7 trillion (roughly $4.8B) on an enterprise-value basis, reflecting strong investor demand for Korea's AI infrastructure buildout.
• SK Telecom expects to complete the spin-off and formally establish SK Horizon in the first quarter of 2027, pending shareholder and regulatory approvals.
• The deal shows global infrastructure investors treating Asian AI data centers as a core asset class, letting telcos fund gigawatt-scale buildouts without sacrificing control.