This article was posted on the ChosunBiz MoneyMove (MM) site at 1:54 p.m. on Feb. 26, 2026.
SK Group is pushing to sell a 49% equity stake in its Ulsan artificial intelligence (AI) data center, and Stonebridge Capital has newly emerged as a potential buyer. IMM Investment, which had been evaluated as relatively weaker in financial resources, formed an allied front with Stonebridge Capital. The acquisition battle has become a two-way contest between the IMM Investment–Stonebridge alliance and global private equity firm Kohlberg Kravis Roberts (KKR).
On the 26th, according to the investment banking (IB) industry, IMM Investment, which joined the bid to acquire the SK data center equity, recently formed a consortium with Stonebridge Capital. Stonebridge Capital has a long-standing connection, having been established in December 2008 as a spin-off from IMM Investment.
The size of the equity sale is reported to be in the mid-2 trillion won range. A preliminary bid was held on Jan. 23, and KKR, IMM Investment and Brookfield Asset Management reportedly participated. Macquarie Asset Management considered a bid but withdrew midway.
SK Group reviewed conditions to select one of the candidates that entered the preliminary bid as the preferred negotiation partner (preferred bidder) without proceeding to the main bidding phase. In this process, Brookfield effectively exited the race, narrowing the candidate pool to KKR and IMM Investment.
The reason Stonebridge Capital joined as an ally of IMM Investment is the sheer size of the transaction. IMM Investment arranged 1.2 trillion won of senior acquisition financing and a 400 billion won bridge loan from Shinhan Bank and Shinhan Investment Corp., but after subtracting those it still needs to raise 800 billion to 900 billion won in capital.
KKR is reportedly planning to cover the purchase price on its own without acquisition financing for now. Leveraging its financial strength, KKR recently entered the bid for a minority stake in SK MU-Ulsan GPS. In that deal, the STIC Alternative Asset Management–Korea Investment & Securities Co. private equity consortium was selected as the preferred bidder and must submit a letter of commitment (LOC) by the end of Feb. KKR is waiting as the runner-up.