SK Group Chairman Chey to sell US$700 million SK Corp stake

Divestment to fund divorce settlement

SK Group Chairman Chey Tae-won plans to sell a 2.26 per cent stake in SK Corp, valued at approximately 944 billion won (US$699.5 million), to finance a recent divorce settlement. The company confirmed on Friday that Mr Chey will remain the largest shareholder of the group's holding entity following the transaction. This move addresses the financial obligations arising from a landmark legal ruling in South Korea.

Record settlement follows court order

The share sale is set to commence on 2 November 2026. It follows a South Korean court order issued about two months ago, which directed Mr Chey to pay 944 billion won to his former spouse, Roh Soh-yeong. This cash award establishes a new record for a divorce settlement in the country.

The current figure is, however, substantially lower than a 1.38 trillion won settlement previously ordered by an appeals court in 2024.

Chairman retains top shareholder position

Despite the divestment, Mr Chey will maintain his position as the primary shareholder in SK Corp, the holding company for the group's flagship chipmaker, SK Hynix. According to SK's regulatory filing, his stake will stand at 15.49 per cent after the sale. This ensures his continued influence over the conglomerate's strategic direction and its diverse business units.

Market anticipated funding needs

Analysts had previously suggested that Mr Chey might need to raise capital through borrowing, asset sales, or share disposals to meet the significant financial demands of the divorce settlement. This confirmed stake sale provides clarity on the funding strategy, avoiding potential speculation on other asset liquidations.

For investors, the transaction shows Mr Chey's ability to fulfil his obligations while preserving majority control, reducing uncertainty around SK Group's governance structure.