eBay Korea Preliminary Bidding D-1... Will SKT Write a Reversal Drama?

Potential for Success Shifting from 4-Way to 5-Way Competition

[Asia Economy Reporter Cha Min-young] SK Telecom has emerged as a dark horse in the acquisition battle for eBay Korea, with the preliminary bidding deadline just one day away. What was expected to be a four-way contest involving two major retail conglomerates, private equity funds, and big tech companies has drawn industry attention as it may expand into a five-way battle.

According to industry sources on the 15th, SK Telecom received the investment memorandum (IM) for eBay Korea and is currently deliberating whether to participate in the preliminary bidding, which closes on the 16th. The target is 100% of eBay Korea shares held by its UK headquarters, with the price estimated to be in the low 40 trillion KRW range. This is lower than the 50 trillion KRW price proposed by the seller.

Likely participants include Shinsegae Group, Lotte Group, Kakao, and MBK Partners, a management participation-type private equity fund that owns Homeplus. However, it is reported that major retail conglomerates such as Shinsegae and Lotte have little interest.

The reason SK Telecom is considering joining the acquisition battle late is interpreted as a caution against new logistics powerhouses based on IT competitiveness, such as Naver and Coupang.

SK Telecom operates various retail platforms including the open market 11st, digital shopping platform SK Stoa, and the big data-based customized closed mall T Deal. Last year, as part of its post-telecom strategy, SK Telecom announced a surprise collaboration with Amazon, the world's number one e-commerce company, and revealed a long-term cooperation plan centered on 11st. However, recent moves such as Naver's strengthening of its commerce division and Coupang's listing on the New York Stock Exchange are believed to have caused SK to reconsider its position.

This content was produced with the assistance of AI translation services.