[Edaily Reporter Kim Kyung-eun ] On the 28th, SamsungSecurities SKTelecom(017670)assessed that SK Horizon’s establishment of “SK Horizon,” a specialized entity for operating artificial intelligence data centers (AIDCs), and its securing of 3 trillion won in external funding would enhance the company’s ability to execute its AIDC business and lay the groundwork for mid- to long-term growth. Analysts note that by spinning off infrastructure projects—which require massive capital investment—into a separate entity, the company can reduce the financial burden on its parent company while continuing aggressive business expansion. Accordingly, the firm maintained its “Buy” rating on SKTelecom with a target price of 115,000 won.

Choi Min-ha, an analyst at SamsungSecurities, stated in a report released today, “The recent phased restructuring of the business through the successive establishment of dedicated subsidiaries is putting the AIDC growth blueprint—which was presented as a mid- to long-term vision—on a full-scale implementation track.”

SKTelecom announced the previous day that it would spin off its wholly owned subsidiary, SK Broadband, through a management-led split to establish SK Horizon, a company specializing in AIDC operations. The surviving entity, SK Broadband, will be responsible for fixed-line communications, media, and enterprise businesses, while the newly established SK Horizon will be dedicated to expanding AIDC infrastructure. The split ratio is approximately 0.84 to 0.16 based on the book value of net assets, and the split is scheduled for February 1 of next year.

SK Horizon will be responsible for infrastructure operations and the expansion of the submarine cable business, building on the eight data centers currently in operation—Seocho, Ilsan, Bundang, Gasan, Centum, Yangju, and Pangyo—as well as the Ulsan and Guro data centers currently under construction. SKTelecom aims to secure 318 megawatts (MW) of data center capacity and achieve annual revenue of 1 trillion won by 2030.

With the launch of SK Horizon, SKTelecom is also securing a total investment of 3.08 trillion won from a consortium comprising global private equity fund (PEF) manager KKR, IMM Investment, and StoneBridge Capital. The transaction involves SKTelecom selling a portion of its stake for 1.8811 trillion won, while SK Horizon issues 1.2 trillion won worth of new shares through a third-party allotment.

Once the transaction is finalized, SK Horizon’s ownership structure will be reorganized as follows: SKTelecom 51%, KKR 29%, and the IMM-StoneBridge consortium 20%. SamsungSecurities noted that SKTelecom will maintain a majority stake to secure control while raising a large amount of cash through the sale of existing shares, and that it will be able to diversify the funding sources needed for AIDC infrastructure investments by leveraging external capital. The raised funds are expected to be used for the expansion of new AIDCs and infrastructure development in areas such as Ulsan and Guro.

In particular, the firm assessed that this restructuring has solidified SKTelecom’s AIDC business into a “two-track” system comprising SK Horizon and SK Hyper. While SKTelecom oversees collaboration with global Big Tech companies and the group-wide AI strategy, SK Horizon is responsible for improving the operational efficiency of existing MW-class infrastructure, managing its own expansion, and extending submarine cables. In contrast, SK Hyper is in charge of developing next-generation hyperscale AIDCs, which require large tracts of land and a secure power supply.

SK Hyper aims to build AIDCs with a capacity of 5 gigawatts (GW) by 2029 and 15 GW by 2035. SamsungSecurities analyzed that separating stable cash generation based on existing infrastructure, phased expansion, and the long-term development risks of next-generation large-scale projects among separate entities would enhance business execution capabilities.

Researcher Choi assessed, “By spinning off infrastructure businesses requiring large-scale capital investment into separate entities and attracting external funding, the company has laid the groundwork to continue aggressive expansion while minimizing the financial burden on the parent company.” He added, “The cash inflows from the sale of existing shares will further expand the parent company’s financial flexibility and capacity for capital management,” noting that “the expansion of AIDC projects is expected to fully highlight the value of the AI infrastructure business—a new growth engine—in the market and drive medium- to long-term growth in corporate value.”