SK Group Chairman Chey Tae-won Sells Stake to Dell Family Fund, Raising $406 Million for Divorce Settlement

Deep News10-14

Regulatory filings show that SK Group Chairman Chey Tae-won has agreed to sell a 1.34% stake in the holding company SK Inc to an investment fund linked to Dell Technologies Inc. founder Michael Dell for 544 billion Korean won ($406 million).

The transaction is part of Chey's plan to raise 944 billion won by selling shares to pay divorce settlement compensation to his former wife.

Earlier this month, SK Inc stated in a filing that Chey had agreed to sell 1.65 million shares, representing a 2.26% equity stake, for 944 billion won. Of that, 681,431 shares (0.94%) will be sold to Korea Investment & Securities for 400 billion won.

Previously, SK Inc had referred to the buyer of the remaining shares only as a "strategic investor," and said the investor agreed to acquire the stake after comprehensively considering SK Inc's business competitiveness and mid-to-long-term growth prospects.

As a major supplier of artificial intelligence servers and data center infrastructure, Dell Technologies Inc. has business dealings with SK Hynix, the memory chip manufacturing unit under SK Group.

The equity acquisition was completed by the Dell family investment fund, rather than Dell Technologies Inc. itself.

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