SK Group eyes multi-billion dollar stake in US nuclear leader Westinghouse

SK Group is considering a strategic purchase of a minority stake in US nuclear powerhouse Westinghouse Electric, potentially alongside Samsung C&T, Hyundai Engineering & Construction and Doosan Enerbility. The proposal aligns with a recent US-South Korea deal that allocates up to $120 billion of Korea's $200 billion investment fund for constructing eight large nuclear reactors on American soil. The agreement also grants a Korean private-sector consortium the right to buy 5-10% of Westinghouse, with a 10% discount if the company goes public.

Analysts estimate the IPO could be valued at up to $30 billion, meaning the Korean consortium might need to commit billions of dollars. This would broaden SK’s nuclear portfolio beyond its existing small modular reactor investments, such as the $250 million stake in TerraPower. Chairman Chey Tae-won has emphasized the need for reliable power to support AI data centers and the semiconductor sector.