The collaboration will see the two expanding cooperation with SK Networks' US investment arm that began last year, in line with SK Networks' evolution into a business-oriented investment company.
"The amicable relationship between President Sunghwan Choi and Vivek, Managing Director of Bow Capital and owner of the Sacramento Kings, has yielded positive outcomes in exploring collaborative avenues at events like CES" further noting, "Building upon the partnership with Managing Director Ranadivé, SK Networks is poised to spearhead change and innovation, identifying novel opportunities in business sectors such as AI and robotics,” said an SK Networks official spokesperson.
“The official emphasised, "Our emphasis will be on cultivating innovative business models applicable to our diverse enterprises, including information and communications business, SK Magic, En-core and the recently revitalised Walkerhill Hotel. We aim to achieve this by actively acquiring technologies relevant to contemporary needs, fostering collaborations with academic and industry partners, such as the UC system."
The two signed a non-binding memorandum of understanding (MoU) for the SK Networks Renaissance Project, attended by Sunghwan Choi, president & COO at SK Networks, and managing director Ranadivé.
Under the terms of the MoU, SK Networks is to establish a consortium for future large-scale investment cooperation. Ranadivé and prominent US investors would assume control of a portion of SK Networks' treasury stocks during upcoming investment endeavours.
SK Networks aims to use this MoU to actively engage external investors. The plan involves divesting shares to influential partners once future joint investment targets have been confirmed.
This through this partnership both parties aim to cultivate strong collaborations and invest in leading-edge technologies, with a specific focus on AI, operating within a well-established cooperation framework alongside Ranadivé.
"I am excited to partner with SK Networks in launching the SK Networks Renaissance Project, and in finding a transformative acquisition. Our joint efforts to contribute to the successful reinvention of SK Networks as a global technology company," comments Ranadivé.
