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SK Telecom Denies the Report of Selling a Stake in Ecommerce Unit to Amazon

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SK Telecom, a major mobile carrier, denied a news report on Monday that it plans to sell a stake in its eCommerce unit 11Street to eCommerce giant Amazon to bolster its online retail business.

Local media had earlier reported that Amazon would exercise its right to acquire a 30 percent stake in 11Street and that the US retailer could acquire up to a 50 percent stake in the South Korean eCommerce company.

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SK Telecom and Amazon strengthened ties in November last year to collaborate in eCommerce. They made an agreement whereby the U.S. tech giant has the right to acquire a stake in 11Street, reports Yonhap news agency.

“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.

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