SK Telecom not selling stake in e-commerce unit to Amazon

By IANS | Published: June 7, 2021 09:48 AM2021-06-07T09:48:05+5:302021-06-07T09:55:55+5:30

Seoul, June 7 SK Telecom, a major mobile carrier, denied a news report on Monday that it is ...

SK Telecom not selling stake in e-commerce unit to Amazon | SK Telecom not selling stake in e-commerce unit to Amazon

SK Telecom not selling stake in e-commerce unit to Amazon

Seoul, June 7 SK Telecom, a major mobile carrier, denied a news report on Monday that it is planning to sell a stake in its e-commerce unit 11Street to ecommerce giant Amazon in a bid to bolster its online retail business.

Local media had earlier reported that Amazon will exercise its right to acquire a 30 percent stake in 11Street, and that the US retailer could acquire up to a 50 percent stake in the South Korean e-commerce company.

SK Telecom and Amazon strengthened ties in November last year to collaborate in e-commerce and made an agreement whereby the U.S. tech giant has the right to acquire a stake in 11Street, reports Yonhap news agency.

"We are collaborating to launch a service so that Amazon products can be directly purchased within 11Street," SK Telecom said in a statement. "There is no ongoing matter regarding a stake transfer."

The wireless carrier currently owns an 80 percent stake in 11Street and is planning an initial public offering for the online retailer next year.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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