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SK Telecom denies report on selling stake in e-commerce unit to Amazon

It 09:25 June 07, 2021

SEOUL, June 7 (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 U.S. retail giant Amazon.com Inc. in a bid to bolster its online retail business.

Local media had earlier reported that the wireless carrier is seeking to sell a 30 percent stake in 11Street to Amazon, and that the U.S. 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.

"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.

The logos of 11Street and Amazon.com Inc. are shown in this image provided by the companies. (PHOTO NOT FOR SALE) (Yonhap)


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