Chey Tae-won, chairman of SK Group, is selling part of his stake in SK Holdings to a fund managed by Michael Dell, founder of Dell Technologies, to secure funds for asset division amid his divorce proceedings.
According to a filing with the Financial Supervisory Service on October 14, the buyer of 972,493 shares (1.34%) of SK Holdings, which Chey signed a sales contract for on October 2, is the U.S. investment fund DFO Public Investments.
DFO Management is an investment company that traces its roots to MSD Capital, founded by Dell in 1998. The firm manages assets for Dell and his family while investing in various companies.
Previously, Chey signed a contract to sell 1,653,924 shares (approximately 2.3%) of SK Holdings for a total of 944 billion won. Of this amount, shares worth 544 billion won will be transferred to DFO Public Investments, while the remaining approximately 400 billion won will be sold to Korea Investment & Securities through a price return swap (PRS) method.
This stake sale is interpreted as a means to secure funds for asset division related to his divorce from Lee So-young, director of the Art Center Nabi. The transaction is expected to be conducted through an off-market block deal on November 2.
Once the sale is completed, Chey's holdings in SK Holdings will decrease from 12,975,472 shares to 11,321,548 shares. However, he will maintain his status as the largest shareholder of SK Holdings even after the sale.
* This article has been translated by AI.
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