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The partnership will see the two companies expand on their collaboration with SK Networks’ U.S. investment arm, which began last year, in line with SK Networks’ evolution into a business-oriented investment firm.
“The friendly relationship between President Choi Sung-hwan and Mr. Vivek, managing director of Bow Capital and owner of the Sacramento Kings, is positive for exploring avenues of cooperation at events such as CES. “We have achieved great results,” he added, “building on our partnership with SK’s Managing Director Ranadivé.” “Networks is poised to identify new opportunities in business areas such as AI and robotics and lead change and innovation,” said an official spokesperson of SK Networks.
The official said, “We will focus on cultivating innovative business models that can be applied to our diverse businesses, including the information and communications business, SK Magic, Encore, and the recently revitalized Walkerhill Hotel.”We will actively acquire related technologies. We aim to achieve this by doing so.” Responding to contemporary needs and fostering collaboration with academic and industry partners such as the UC system. ”
The two companies signed a non-binding Memorandum of Understanding (MoU) regarding the SK Networks Renaissance Project in the presence of SK Networks President and COO Sunghwan Choi and Managing Director Ranadivé.
Under the terms of the memorandum, SK Networks plans to establish a consortium for future large-scale investment cooperation. Ranadivé and a prominent US investor will take control of a portion of SK Networks’ shares during future investment activities.
SK Networks aims to utilize this memorandum to actively involve external investors. The plan includes selling shares to influential partners once future co-investments have been identified.
Through this partnership, both parties operate within an established cooperation framework with Lanadivé, aiming to build strong collaboration and invest in cutting-edge technologies with a particular focus on AI.
“We are excited to partner with SK Networks to launch the SK Networks Renaissance Project and find innovative acquisitions. We will contribute to the successful reinvention of the industry,” commented Lanadivé.
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