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

All News 09:49 June 07, 2021

(ATTN: ADDS more details in paras 2, 3)

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 Amazon will exercise its right to acquire a 30 percent stake in 11Street, 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 and made an agreement whereby the U.S. 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.

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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