SKT to Acquire SK Broadband Shares Held by Taekwang and Mirae Asset... Total Value of 1.15 Trillion KRW

Securing 99.1% Stake... Foundation for Full Subsidiary
Expansion of Synergy Between Both Companies, Strengthening Competitiveness Expected
"Investment in Data Center and Submarine Cable Business"

SK Telecom announced on the 13th that it has signed a share transfer agreement to acquire the entire 24.8% combined stake in SK Broadband held by Taekwang Group and Mirae Asset Group.

The three companies reached a consensus that, amid the rapidly changing market environment, it would be more beneficial for all parties to enhance the synergy between SK Telecom and SK Broadband in the future rather than pursuing an IPO, leading to this agreement.

Currently, Taekwang Group and Mirae Asset Group hold 16.75% and 8.01% stakes in SK Broadband, respectively. SKT will purchase these shares at 11,511 KRW per share by May 2025, totaling 1.15 trillion KRW.

As a result, SK Telecom is expected to secure a 99.1% stake in SK Broadband, establishing the foundation for a wholly owned subsidiary and strengthening synergy.

Taekwang Group and Mirae Asset Group became major shareholders during SK Broadband's acquisition of cable broadcasting company T-Broad in 2020.

Through this agreement, SK Telecom and SK Broadband plan to maximize synergy effects in wired and wireless communication businesses and further expand investments in data centers and submarine cable projects. This is also expected to contribute to enhancing shareholder value in the long term.

In particular, as the nation requires world-class AI infrastructure, efforts will be concentrated on the AI data center business to create new growth engines.

Taekwang Group and Mirae Asset Group stated, "The alliance among the three companies has served as an important catalyst for the development of SK Broadband, the domestic telecommunications industry, and the data center industry." They added, "As AI transformation accelerates across the industry, we hope this agreement will help strengthen competitiveness."

This content was produced with the assistance of AI translation services.