SK Networks Completes Equity Restructuring of SK Electlink

SK Networks is laying the groundwork for future growth through business structure optimization and efficient capital management.

On April 14, SK Networks announced that the transaction to change the equity structure of SK Electlink with Anchor Equity Partners, which has been ongoing since last year, was completed on April 13.

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This marks the completion of the additional process following the change of SK Electlink's largest shareholder to Anchor Equity Partners in June 2023. As a result, SK Networks now holds a remaining stake of 21.4%.

Previously, in March, SK Networks signed an agreement to transfer 90% of its subsidiary Mintit’s shares to TNK Private Equity for 45 billion won, with the remaining procedures scheduled to be completed within the first half of the year. In 2024, SK Networks sold its entire stake in SK Rent-a-Car for 820 billion won. Meanwhile, its subsidiary Glowide, which conducts trading business, has been restructuring its trading portfolio to focus on more profitable chemical materials. As a result, sales that reached 1.7 trillion won in January 2024 decreased to around 600 billion won last year.

SK Networks analyzes that these moves have led to a fundamental transformation based on rigorous business rebalancing and operational optimization, enabling long-term sustainable growth in an environment of increasing internal and external uncertainty. In fact, consolidated borrowings, which stood at around 5 trillion won in 2023, decreased to approximately 1.8 trillion won by the end of last year. The debt ratio, which had exceeded 320%, also dropped to below 150%. This signifies a major achievement in terms of financial stability.

Based on this strengthened stability, SK Networks is also developing new business models for each core sector as part of its transition into an AI company. SK Intellix launched 'NamuX,' an AI-based wellness robotics brand, with a grand launch at the end of October last year. Phoenix Lab, located in Silicon Valley, has developed an AI solution specialized for the pharmaceutical industry called Cheiron, for which SK Networks is pursuing global partnerships and sales channels. In addition, data specialist company ENCOAR is expanding into the market with its AI Ready Data platform, which is essential for corporate AX adoption.

At Incross, the company is accelerating the integration of AI into its business models by launching the starter bundle package of the AI-based content marketing platform 'Stellaize' this year, and conducting an open beta test of the AI banner creation automation agent 'ResizeAd'. Furthermore, SK Networks is strengthening its strategic partnership with AI specialist company Upstage through additional investment.

SK Networks plans to enhance the profitability of its existing businesses and achieve AI-focused growth, leveraging its solid financial structure and stable cash generation capability. An SK Networks official stated, "There is no growth without stability," and added, "We will continue to pursue profitability improvements based on a stable financial structure, so that we can steadily and concretely advance our transition to AI."

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