SK Telecom to invest W738b in SK hynix’s US AI unit

SK Telecom will invest 738.4 billion won ($477 million) in SK hynix's US-based AI investment vehicle, SK hynix NAND Product Solutions, to strengthen cooperation among SK Group affiliates in AI data centers and related businesses. The deal gives SK Telecom a 0.9% stake in the entity, which was established in January with a $10 billion commitment from SK hynix and Solidigm.

SK Telecom will invest 738.4 billion won $477 million in a US-based investment vehicle set up by SK hynix, becoming the latest SK Group affiliate to back the chipmaker’s artificial intelligence push. The mobile carrier said in a regulatory filing on Thursday that it signed an agreement to acquire 1,198 newly issued shares in SK hynix NAND Product Solutions. The deal will give SK Telecom a 0.9 percent stake. The US-based entity was established in January by SK hynix and Solidigm, with SK hynix committing $10 billion. SK Telecom said the investment will be made through a capital call arrangement, under which funds are injected upon request within a pre-agreed limit. The commitment period is four years from the signing date. Other SK Group affiliates have already joined the investment. In March, SK Inc. and SK Innovation agreed to invest $250 million and $380 million, respectively, in the same entity. SK Telecom said the investment is aimed at strengthening cooperation among SK affiliates in AI data centers and related businesses. “SK Group has capabilities across the AI data center value chain, and we expect joint investment among affiliates to help us find business opportunities,” an SK Telecom official said. yeeun@heraldcorp.com