Delaware-based DFO Public Investments is acquiring a 1.34% stake in SK Inc directly from Chey for 544 billion won ($406 million). This sale forms part of a wider 944 billion won liquidation strategy by Chey to resolve his divorce from Roh, the daughter of a former South Korean president. In addition to the direct sale to Dell's fund, the chairman is executing a 400 billion won price return swap with Korea Investment & Securities. Both financial agreements are slated to settle on November 2.
Key points
The transaction deepens existing supply chain relationships between Michael Dell and SK G…: The transaction deepens existing supply chain relationships between Michael Dell and SK Group's chipmaking affiliate, SK Hynix.
Chey is utilizing equity sales and derivative contracts to fully finance his legal obliga…: Chey is utilizing equity sales and derivative contracts to fully finance his legal obligations to Art Center Nabi director Roh Soh-yeong.
Dell completed the acquisition via DFO Public Investments, an affiliate of his personal f…: Dell completed the acquisition via DFO Public Investments, an affiliate of his personal family office, DFO Management.
Sources checked by our analysis pipeline: 1
Michael Dell is putting $406 million into South Korea’s SK Group, buying shares from chairman Chey Tae-wo. According to a Reuters report, SK Group Chairman Chey Tae-won has agreed the sale of a 1.34% stake in holding company SK Inc to an investment fund linked to Dell Technologies founder Michael
Dell for 544 billion won ($406 million). The deal is part of Chey Tae-Won’s plan to raise 944 billion won through share sales to pay a divorce settlement to his former wife.
How Michael Dell is helping SK chairman’s $711 million divorce
Earlier this month, SK Inc said in a filing that Chey Tae-Won had agreed to sell 1.65 million shares, or a 2.26% stake for 944 billion won. Of those, DFO Public Investments, L.P., a Delaware-based investment fund affiliated with DFO Management, the family investment office of Michael Dell, agreed to buy 972,493 SK Inc shares.
The sale covers the bigger part of a 944 billion won ($711 million) share sale to fund the payout to Roh Soh-yeong, director of Seoul's Art Center Nabi and the daughter of former…
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