KKR Buys 29% of SK Telecom Data Centre Unit
KKR has acquired a 29 percent stake in SK Telecom's new data centre platform, SK Horizon, as part of a KRW 3.08 trillion investment.
KKR has agreed to take a 29 percent stake in SK Telecom’s new data centre infrastructure unit, SK Horizon. The investment is part of a combined KRW 3.08 trillion ($2.2 billion) commitment alongside a Korean investor consortium, announced Thursday.
An IMM-Stonebridge consortium will own 20 percent of the platform, while SK Telecom retains management control with a 51 percent interest. SK Horizon is being carved out of SK Broadband with 318 megawatts of operating and planned capacity across eight existing centres and facilities under construction.
Platform Structure and Backing
Keith Kim, a KKR partner, stated the firm is pleased to support SK Telecom in expanding its AI data centre infrastructure platform in Korea. He cited the platform’s operating assets, development pipeline and strategic backing as key strengths.
The investment deepens KKR’s relationship with the broader SK Group. In July, KKR and SK Inc agreed to form South Korea’s largest renewable-energy platform, valued at KRW 2 trillion, with KKR taking a 51 percent stake. That venture launches with 1.7GW of operating capacity and aims for 10GW by 2031, targeting demand from AI data centres.
KKR's Broader Data Centre Push
This move comes less than seven months after KKR and Singtel agreed to take full ownership of Singapore’s ST Telemedia Global Data Centres. KKR had also committed up to S$1.1 billion in 2023 for a 20 percent interest in Singtel’s Nxera regional data centre arm.
The SK Horizon transaction combines an off-market share sale and a new share issuance. The breakdown is shown below.
| Transaction Component | Value (KRW) |
|---|---|
| Sale of existing shares by SK Telecom | 1.88 trillion |
| Issuance of new shares by SK Horizon | 1.2 trillion |
This implies an equity value of roughly KRW 6.3 trillion ($4.5 billion) for the 49 percent stake sold. The primary investment will supply capital for SK Horizon’s expansion.
Korean Market Competition
SK Telecom will oversee group-wide AI data centre strategy, while SK Horizon handles existing infrastructure. Sister company SK Hyper is developing a separate, gigawatt-scale programme targeting up to 15GW by 2035. KKR’s stake applies directly to the 318MW platform.
Competition for Korean capacity is accelerating. LG Uplus this month approved KRW 1.3 trillion in additional funding for its 200MW Paju AI Data Centre north of Seoul, with its first hall already fully contracted for completion around June 2027.
Other foreign investors are also active. Singapore-based Digital Edge and Temasek-backed Keppel in June acquired separate 60MW projects in Ansan, adding 120MW of planned capacity. Macquarie Asset Management formed a KRW 600 billion partnership with Gabia in March to develop over 100MW of Korean capacity over four to six years. Its first project is a 40MW facility in Ansan.
Metropolitan-area vacancy was cited at 1.4 percent, with the entire 2025-27 supply pipeline already pre-leased. Access to power and permits is increasingly shaping South Korea’s AI infrastructure race.
