This article was displayed on the ChosunBiz MoneyMove (MM) website at 3:47 p.m. on Mar. 19, 2026.
As the selection of a preferred bidder for the sale of a minority stake in SK's Ulsan artificial intelligence (AI) data center is being delayed, candidates that jumped into the acquisition race are discussing forming a consortium to acquire it jointly.
According to the investment banking (IB) industry on the 19th, the sell-side SK Telecom and the acquisition candidates Kohlberg Kravis Roberts (KKR), IMM Investment, and Stonebridge Capital are in final discussions on a plan for the three managers to divide and acquire 49% equity of the data center.
The size of the equity sale is known to be in the mid-2 trillion won range. On Jan. 23, a preliminary bid was held, and KKR, IMM Investment, and Brookfield Asset Management participated. Among them, Brookfield dropped out midway, leaving KKR and IMM Investment to face off one-on-one, and Stonebridge Capital joined as an ally of IMM Investment to form a consortium.
The IMM Investment–Stonebridge consortium decided to raise 1.2 trillion won in senior acquisition financing and a 400 billion won bridge loan from Shinhan Bank and Shinhan Investment & Securities. Net of this, it planned to prepare 800 billion–900 billion won in capital. KKR, leveraging its financial strength, was known to plan to cover the acquisition price on its own without acquisition financing.
According to the industry, KKR is understood to have offered more favorable terms than the IMM Investment–Stonebridge consortium. KKR reportedly jumped into the deal aggressively with a plan to acquire SK Group's MU and Ulsan GPS together with the data center equity to create synergy.
The plan to form this "three-party consortium" is said to be under discussion with SK Group taking the lead. As the data center is evaluated as a core national AI infrastructure, some say that a structure including a domestic investor is preferable to a sole acquisition by foreign capital.