SK Telecom (SKT) teamed with Amazon to simplify online shopping with plans to give subscribers direct access the US e-commerce giant’s products via its 11st subsidiary.
The deal grants Amazon the right to acquire a minority stake in the operator’s e-commerce subsidiary through new preferred shares, if certain business performance conditions are met or an IPO is launched, SKT said.
No launch date was specified.
In a statement, 11st said the move is part of efforts to improve customer experience by cooperating with a diverse range of global e-commerce companies, with aims to grow into a global distribution hub.
An Amazon representative stated: “11st shares our customer obsession and is one of the leaders in the Korean e-commerce space. Through this upcoming collaboration, Amazon looks forward to providing customers in Korea another way to shop Amazon products.”
In its Q3 earnings call [1], the operator said it planned to list some of its new businesses, including its T-Map Mobility platform [2] and the e-commerce unit, where revenue increased 7.7 per cent year-on-year to KRW135.7 billion ($122.6 million).
[1] https://www.mobileworldlive.com/asia/asia-news/skt-profit-soars-5g-growth-accelerates
[2] https://www.mobileworldlive.com/asia/asia-news/skt-splits-mobility-services-unit-teams-with-uber
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