SK Group chairman Chey Tae-won agreed to sell a 1.34% stake in SK Inc, the South Korean conglomerate’s holding company, to DFO Public Investments, L.P., a Delaware fund affiliated with Michael Dell’s family office, for 544 billion won (US$406 million), according to a filing on October 14.

The sale is part of Chey’s plan to raise funds for a divorce settlement with his former wife.

An earlier filing showed Chey had agreed to sell a total 2.26% stake for 944 billion won (US$708 million). That includes a 0.94% stake to Korea Investment & Securities for 400 billion won (US$300 million).

The fund is affiliated with DFO Management, which manages wealth for Michael Dell and his family. The buyer is not Dell Technologies. SK had previously described the buyer as a strategic investor.

The Korea Corporate Governance Forum, an independent South Korean watchdog, said Chey and the buyers would have to disclose joint holdings if they agreed, even informally, to coordinate voting rights.

🔗 Source: Reuters

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