, Korea

SK Telecom denies selling 11Street stake to Amazon

There are currently plans for Amazon products to be directly purchased in 11Street.

South Korea’s major mobile carrier SK Telecom denied a news report 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, Yonhap reported.

Local media reported that the wireless carrier is seeking to sell a 30% stake in 11Street to Amazon, and that the US retailer could acquire up to a 50% stake in the South Korean e-commerce company.

"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."

SK Telecom and Amazon strengthened ties in 2020 to collaborate in e-commerce. The wireless carrier currently owns an 80% stake in 11Street and is planning an initial public offering for the online retailer next year.

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