SK Telecom has raised W500 billion $452 million for its online shopping business, 11st, as part of its plan to spin off the business into a standalone entity, marking the second-biggest fundraising ever for an unlisted company in South Korea.
South Korea’s biggest telecommunications service provider said on Wednesday that it is selling about 18% of 11st to Korea National Pension Service, Korean Federation of Community Credit Cooperatives and private equity firm HQ Asia Pacific.
The sale of convertible preference shares values 11st at $2.5 billion about four times the firm’s sales of $621 million last year on a post-money basis and...
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