SK Group Chairman to Sell $696.7M in Shares to Fund Divorce Settlement

SK Group Chairman Chey Tae-won will sell 1,653,924 SK Inc. shares worth about 944 billion won ($696.7 million) to fund a court-ordered property division in his divorce. The deal combines a sale to strategic investors and a price return swap, with trading set to begin November 2. Chey's stake will fall from 17.8% to 15.5%, though he remains the largest shareholder.

• Sale covers 1,653,924 shares, about 2.3% of SK Inc.'s issued stock
• Total value of 944 billion won ($696.7 million) matches the property division amount
• 544 billion won goes to strategic investors, 400 billion via a price return swap
• Chey's stake drops from 17.8% to 15.5%; with affiliates, from 25.2% to 22.9%