Amazon seeks to invest in SK Telecom's non-telecom operations
Amazon is in negotiations with South Korea's SK Telecom Co. to invest in the mobile carrier's non-telecom operations unit SK Square, a to be hived off next month.
Amazon, the world's largest online retailer, collaborated with SK Telecom’s e-commerce platform 11Street to launch its Korean language shopping service dubbed the Amazon Global Store at the end of August.
Amazon Global Store has since posted a stellar performance.
11Street is one of the 15 companies under SK Square, along with internet services provider SK Broadband Inc., a security service firm ADT Caps Co., and T Map Mobility.
The vast majority of SK Telecom's shareholders approved its split-off between telecom and non-telecom businesses.
The non-telecom businesses, which make up 40 percent of SK Telecom, will kick off on Nov. 1 and be listed on Korea Exchange on Nov. 29.
SK Telecom expects the corporate value of SK Square to almost triple from 26 trillion won at the end of March of this year to 75 trillion won within the next four years.
SK Telecom's CEO Park Jung-ho Park, concurrently CEO of SK Hynix, will head SK Square as well.