SEOUL, April 25 (AJP) - SK Telecom said Friday it will sell its entire stake in Kakao Corp. through a block deal valued at 413.3 billion won ($300 million).
The sale involves 10.8 million shares of the internet company.
SK Telecom said the move is aimed at securing funds for the full acquisition of SK Broadband, as well as investments in future growth areas, including artificial intelligence.
SK Telecom signed a stock purchase agreement in November to acquire the remaining 24.8 percent stake in SK Broadband held by Taekwang Group and Mirae Asset Group, which own 16.75 percent and 8.01 percent of the broadband provider, respectively. The deal is valued at 1.15 trillion won, with shares priced at 11,511 won apiece. The transaction is expected to close by next month, making SK Broadband a wholly-owned subsidiary.
Despite the divestment, SK Telecom said it intends to maintain its strategic partnership with Kakao. The two companies exchanged stakes worth 300 billion won in 2019 and have collaborated on cloud services and joint fund operations.
“Close cooperation between the two companies, such as cloud business collaboration and joint fund operation, will remain unchanged,” an SK Telecom official said.
reporter
Candice Kim
candicekim1121@ajupress.com
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