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Technology

Staff Reporter

, Korea

Published:

2 years ago

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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