Kyunghyang Shinmun reported on October 14 that SK Group is reviewing participation in a bid for a stake in Westinghouse, the US nuclear company. A structure led by KEPCO and KHNP with private co-investors is under discussion, but the size and timing of any deal are not settled.
According to Kyunghyang Shinmun, the Korean government is pursuing a 5 to 10 percent stake in Westinghouse, with voting rights, and SK Group could become a key private investor. An SK representative said only that the group is reviewing participation and gave no specifics. Money Today added that Samsung C&T, Hyundai E&C, Doosan Enerbility and GS E&C are also weighing a place in a public-private consortium, but none has commented on the record and the claim rests on unnamed sources.
광고 문의 · 300×250The price tag depends on how Westinghouse is valued. Investment bankers cited by the reports say the company could be worth up to 30 billion dollars (about 40 trillion won) if it lists, which would put a 10 percent stake at roughly 2.7 billion dollars, or about 3.7 trillion won. Some reports say Korea could buy at 10 percent below the expected IPO price under the Korea-US nuclear framework, but Money Today noted that this discount is unconfirmed. Officials say talks with Washington are continuing and nothing is final.
Why SK: from small modular reactors to large plants
SK Inc. and SK Innovation invested 250 million dollars in small modular reactor developer TerraPower in 2022, becoming its second-largest shareholder, and in August agreed on main terms for joint global SMR marketing. A Westinghouse stake would extend SK's nuclear exposure from SMRs to large-reactor design, fuel supply and maintenance. Kyunghyang noted that Chairman Chey Tae-won has said stable power is essential for AI data centers and chip competitiveness.
How SK would invest is also an open question. Kyunghyang reported that the group could use AI Company, an unlisted US subsidiary of SK hynix, as the vehicle; this is a report-stage possibility that SK has not confirmed. The government earlier sounded out seven to eight domestic nuclear EPC firms and wants private money to ease the financial burden on KEPCO and KHNP. Hankyung reported that on October 8 the trade ministry gave its first official confirmation that the US government holds a golden share in Westinghouse.
Open questions
The golden share is the largest uncertainty. Per Hankyung, a single such share can veto major decisions including mergers, plant closures and headquarters moves, which leads analysts to doubt that a minority Korean stake would carry real influence. KEPCO's cumulative operating loss of 34 trillion won and debt of 210.7 trillion won are cited as constraints, and some argue the stake may already be richly valued ahead of an IPO.
Industry officials urge caution, saying the outcome depends on government-to-government talks and that a large capital commitment needs careful coordination among participants and state backers. As of now the closing date, final stake and list of participants are all unconfirmed. Westinghouse is reported to be targeting a listing in late 2026 or early 2027.
