 |
(Yonhap) |
SK Telecom Co., a major mobile carrier, denied a news report Monday that it is planning to sell a stake in its e-commerce unit 11Street to US retail giant Amazon.com Inc. 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 US tech giant has the right to acquire a stake in 11Street.
"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. (Yonhap)
![[Weekender] Korea's traditional sauce culture gains global recognition](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/21/20241121050153_0.jpg)
