SK Telecom unit to spin off ₩476B data center arm
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Rhea-AI Filing Summary
SK TELECOM CO LTD (SKM) reports that its consolidated subsidiary SK Broadband Co., Ltd. has approved a horizontal spin-off to create a new company, tentatively named SK Horizon Co., Ltd., holding its data center (including CDN) and subsea cable-based international leased line businesses.
The Spin-off Ratio is based on March 31, 2026 net asset book values, with 0.8351323 allocated to the surviving SK Broadband and 0.1648677 to SK Horizon. Net assets for the Spin-off Company are ₩475,816,816,055 out of SK Broadband’s pre-spin-off net assets of ₩2,886,053,220,578. SK Broadband’s capital reduction ratio is 16.48677%. Shareholders of SK Broadband will receive SK Horizon shares pro rata to their holdings on the Spin-off Allocation Record Date.
After the spin-off (on a separate basis as of March 31, 2026), SK Broadband is expected to have total assets of ₩4,978,029,012,980 and total equity of ₩2,410,236,404,523, while SK Horizon is expected to have total assets of ₩2,061,315,619,982 and total equity of ₩475,816,816,055. The spin-off EGM is scheduled for January 15, 2027, with an effective date of February 1, 2027. The new entity is considering attracting external investment.
Filing Explained
The separation is not yet effective, while pre-separation liabilities would remain jointly enforceable against both entities.
SK Broadband’s board approved a proposed horizontal separation on
SK Broadband and SK Horizon would remain jointly liable for liabilities incurred before the separation, so the filing says no creditor-protection procedures apply to this transaction.
Key Figures
Key Terms
horizontal spin-off financial
Spin-off Ratio financial
capital reduction ratio financial
consolidated subsidiary financial
Commercial Code of Korea regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What corporate action did SKM disclose in this Form 6-K?
What is the Spin-off Ratio in the SKM SK Broadband spin-off?
How large are SK Horizon’s net assets in the SKM transaction?
How big is SK Broadband relative to SKM on an asset basis?
Will SK Broadband or SK Horizon be listed after the spin-off?
AI-generated analysis. How Rhea-AI works. Not financial advice.
The timeline of the Spin-off remains subject to change based on applicable law, circumstances of the relevant parties and discussions with relevant authorities.