SK Discovery Co. offloaded its entire stake in property developer SK D&D Co. to Hahn & Co. for 74.2 billion won ($52.8 million), marking another step in SK Group’s broader effort to raise capital for artificial intelligence and semiconductor investments.
The sale transfers 5.82 million shares, representing a 31.3% stake, at 12,750 won each to the private equity firm, according to a regulatory filing Wednesday. Hahn & Co., which already held an identical stake acquired in 2018, will now control 62.6% of the developer and plans to launch a tender offer for the remaining shares at the same price before taking the company private.
SK Group has pledged to secure 80 trillion won ($58 billion) by 2026 through asset sales and operational improvements, channeling those funds into high-growth sectors including AI chips and data centers. The conglomerate has been methodically shedding businesses deemed peripheral to that strategy.
Hahn & Co. has emerged as the primary buyer of SK’s castoffs, having acquired stakes in at least nine former SK affiliates since 2018, including shipping, specialty chemicals and semiconductor materials operations. The firm completed a 2.6 trillion won purchase of specialty gas maker SK Specialty in April.
Real estate development operations fit poorly with public listing requirements due to irregular cash flows and project-based revenue recognition, making privatization a logical outcome.
