SK Group Chairman Chey Sells Stake to Dell Family Office Fund for $406 Million

3-line summary

• SK Group Chairman Chey Tae-won sold a 1.34% stake (972,493 shares) in holding company SK Inc. for 544 billion won (about $406 million), according to Investing.com. The buyer is DFO Public Investments, L.P., a Delaware-based fund linked to DFO Management, the family office of Dell Technologies founder Michael Dell — not Dell Technologies itself.
• The sale is part of a broader 944 billion won disposal of 1.65 million shares (2.26%) Chey plans to raise alimony for his ex-wife; separately, Korea Investment & Securities is buying 681,431 shares (0.94%) for 400 billion won. The Dell family fund appears to be the previously undisclosed 'strategic investor' for the remaining shares.
• The Korea Corporate Governance Forum said that if Chey and the buyer have any tacit agreement to vote shares in concert, they would need to disclose joint ownership, or risk violating capital markets law; it flagged that mutual business interests — Dell Technologies has a supply relationship with SK Hynix — raise that possibility.

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