The Dell Family Foundation plans to acquire SK Holdings by Choi Tae-won
According to the Seoul Economic Daily, citing a substantial shareholding report submitted by SK on October 13, SK Group Chairman Choi Tae-won had previously agreed to sell shares of SK Corporation, with the buyer being a fund related to Michael Dell's family, the founder of Dell Technologies. Choi Tae-won signed a contract on October 2 to sell 972,493 shares of SK Corporation's common stock, accounting for 1.34% of the total share capital, with the counterparty being DFO Public Investments, L.P., established in Delaware, USA, for an amount of 544 billion Korean won. The fund is managed by DFO Management, which manages the Dell family assets and was formerly known as MSD Capital, established by Dell in 1998, and was restructured into its current structure at the end of 2022.Choi Tae-won has signed a total agreement to sell 1,653,924 shares of SK Corporation, with a total consideration of 944 billion Korean won, to raise funds for property division with Nabi Art Center curator Ryu Soo-young. Among these, 681,431 shares, accounting for 0.94%, were sold to Korea Investment & Securities, while the remaining 1.34% was sold to the aforementioned strategic investor. SK had previously only disclosed that the buyer was a strategic investor and stated that it could not specify the details of the private transaction. For the shares sold to Korea Investment & Securities, Choi Tae-won signed a three-year equity return swap, which will settle the difference between the actual disposal price and the agreed benchmark price upon maturity, with both the gains from price increases and losses from price decreases borne by Choi Tae-won.Reports indicate that Dell Technologies is a company specializing in artificial intelligence servers and data center infrastructure, and has business dealings in semiconductors with SK Hynix.
