SK Group Chairman Sells Stake to Dell-Linked Fund
SK Group Chairman Chey Tae-won has agreed to sell a 1.34% stake in SK Inc. to a fund affiliated with Michael Dell's family office for $406 million. The sale is part of a divorce settlement.
Chey Tae-won, chairman of South Korean conglomerate SK Group, has agreed to sell a 1.34% stake in the group's holding company, SK Inc., to DFO Public Investments, L.P. The Delaware-based fund is affiliated with Michael Dell's family office. The transaction is valued at 544 billion won, approximately $406 million.
The sale is intended to help Chey Tae-won raise funds for a divorce settlement. Previously, he had agreed to sell a larger 2.26% stake for 944 billion won ($708 million). This total included a separate agreement to sell a 0.94% stake to Korea Investment & Securities for 400 billion won ($300 million).
The purchasing fund, managed by DFO Management, handles wealth for Michael Dell and his family. SK Group had described the buyer as a strategic investor, clarifying it is not Dell Technologies. A South Korean watchdog, the Korea Corporate Governance Forum, has stated that Chey and the fund may need to disclose any coordinated voting rights.
SK Inc. is a major South Korean conglomerate with diverse interests. While the reasons for this specific share sale are personal, it represents a significant transaction involving a key stakeholder and an investment entity linked to a prominent global figure.