SK Telecom not promoting stake in e-commerce unit 11Street to Amazon

SK Telecom, a significant cell provider, denied a information report on Monday that it’s planning to promote a stake in its e-commerce unit 11Street to ecommerce large Amazon in a bid to bolster its on-line retail enterprise.

Native media had earlier reported that Amazon will train its proper to accumulate a 30 % stake in 11Street, and that the US retailer might purchase as much as a 50 % stake within the South Korean e-commerce firm.

SK Telecom and Amazon strengthened ties in November final 12 months to collaborate in e-commerce and made an settlement whereby the U.S. tech large has the best to accumulate a stake in 11Street, stories Yonhap information company.

“We’re collaborating to launch a service in order that Amazon merchandise could be immediately bought inside 11Street,” SK Telecom stated in a press release. “There isn’t a ongoing matter concerning a stake switch.”

The wi-fi provider at the moment owns an 80 % stake in 11Street and is planning an preliminary public providing for the net retailer subsequent 12 months.



(Solely the headline and movie of this report might have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)

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