[Edaily Marketin Hur Jieun Reporter] Major South Korean conglomerates are accelerating the expansion of their AI data centers (AI DCs) by partnering with global capital. Following Naver’s partnership with NVIDIA and Brookfield Asset Management last July, SKTelecom has also successfully secured investments in the trillions of won from global private equity firm KKR, South Korea’s IMM Investment, and StoneBridge Capital. By alleviating the burden of large-scale fundraising while securing medium- to long-term partners, this “win-win” strategy between domestic companies and global capital appears to be establishing itself as a new standard.

According to the investment banking (IB) industry on the 29th, SKTelecom announced on the 27th that it would carry out a spin-off of its wholly-owned subsidiary, SK Broadband, into a surviving entity (SK Broadband) and a newly established entity (SK Horizon). SK Horizon will be responsible for infrastructure totaling 318 MW, including eight existing data centers in Seocho, Ilsan, and Bundang, as well as AI data centers currently under construction in Ulsan and Guro.

This spin-off will also bring in a significant influx of external capital. KKR will invest approximately 1.82 trillion won to secure a 29% stake in the new entity, while the IMM-StoneBridge consortium will invest approximately 1.26 trillion won (for a 20% stake). SKTelecom will retain a 51% stake, maintaining its position as the largest shareholder and retaining management control. The total investment in these AI data centers amounts to 3.08 trillion won.

This structure is similar to the Naver-NVIDIA-Brookfield deal announced last July. NVIDIA is investing $1 billion (approximately 1.3 trillion won) in a Naver subsidiary to secure a 4.5% stake, while Brookfield is investing up to $9 billion (approximately 12 trillion won) directly into the AI infrastructure assets themselves. Under this structure, a special purpose vehicle (SPV) established by Brookfield will purchase GPUs and data center facilities, and Naver will pay for the facilities based on usage.

The common thread between the SKT and Naver deals is clear: they both involve offloading the burden of large-scale infrastructure procurement onto SPVs and separate legal entities—thereby removing it from the financial statements—and securing funding by attracting significant external capital. However, the scope of the assets being procured differs. While Naver shares the initial investment burden by having external capital (NVIDIA and Brookfield) procure the GPUs and data center facilities and paying usage fees, SKT is more focused on raising funds for expansion by selling stakes in its existing data center assets to external parties.

There are two main reasons why global capital is betting on South Korea’s AI infrastructure. One is the broader trend of expanding infrastructure investment in the Asia-Pacific region. KKR, which manages over $100 billion in infrastructure assets, pursued this investment as part of its Asia-Pacific infrastructure strategy, and Brookfield is also an asset manager with $100 billion in assets under management (AUM) solely in global AI infrastructure, including data centers and renewable energy.

The proven operational capabilities and stable demand of Naver and SKT are also key strengths. Naver brings experience operating data centers in Chuncheon and Sejong, as well as its own AI models and cloud services, while SKT possesses eight data centers already in operation and a base of large corporate clients. The fact that they are established conglomerates—rather than new entrants—was a key factor in global capital’s choice of partners.

From Naver and SKT’s perspective, the practical benefits of raising external capital are significant. Rather than purchasing all facilities with their own funds, they can utilize external capital to reduce the burden of initial construction costs and, in the medium to long term, expect ongoing support for expansion from their financing partner. In particular, since Brookfield is committing to a long-term investment of at least 10 years, this is viewed as a stable partnership structure that goes beyond a one-time capital infusion.

Kim Byung-heon, Head of the Infrastructure Division at IMM Investment, who led this SKT deal, explained, “AI data centers and submarine cables are core infrastructure that will determine South Korea’s digital sovereignty and industrial competitiveness in the future,” adding, “We will build a sustainable growth structure based on long-term capital from leading domestic institutional investors.”