Key Takeaways
- SK Group Chairman Chey Tae-won sold 1.34% stake in SK Inc to an investment fund linked to Michael Dell for $406 million.
- The sale is part of Chey’s plan to raise 944 billion won to pay a divorce settlement.
- DFO Public Investments, L.P., a fund affiliated with Michael Dell’s family investment office, bought the stake.
SEOUL: SK Group Chairman Chey Tae-won has agreed to sell a 1.34% stake in holding company SK Inc to an investment fund linked to Michael Dell for $406 million, according to a regulatory filing.
The deal is part of Chey’s plan to raise 944 billion won to pay a divorce settlement to his former wife.
DFO Public Investments, L.P., a Delaware-based investment fund affiliated with DFO Management, the family investment office of Michael Dell, purchased the 972,493 SK Inc shares.
Earlier this month, SK Inc announced that Chey had agreed to sell 1.65 million shares, or a 2.26% stake, for 944 billion won.
Of those, 681,431 shares, or 0.94%, will be sold to Korea Investment & Securities for 400 billion won.
SK had previously identified the buyer of the remaining shares only as a strategic investor, who had agreed to buy the stake after considering SK Inc’s business competitiveness and medium- to long-term growth prospects.
Dell Technologies, a major supplier of AI servers and data centre infrastructure, has business ties with SK Hynix, SK Group’s memory chipmaking unit.
The stake is being acquired by a Dell family investment fund, rather than Dell Technologies itself.
The Korea Corporate Governance Forum stated that Chey and the buyers would be required to disclose their stakes as joint holdings if they had agreed, even informally, to exercise their voting rights in the same way.
Failure to do so would violate South Korea’s capital markets law, the forum said.
