SK Networks Decides to Transfer Shares in ICT Recycling Company 'Mintit'

Transfer of 90% Stake to TNK Private Equity

SK Networks is transferring its shares in its used phone trading subsidiary, Mintit, to TNK Private Equity, a leading domestic investment firm specializing in promising small and medium-sized enterprises. Through this transaction, SK Networks aims to strengthen its business portfolio based on a stable financial structure and enhance its value as an AI-centric holding company.

SK Networks recently announced on March 17 that it has signed a contract to transfer 90% of its shares in Mintit to TNK Private Equity for KRW 45 billion. The company plans to complete the transaction within the first half of the year after obtaining the necessary approvals and completing the remaining procedures.

Mintit ATM installed at living bases such as large supermarkets nationwide. SK Networks

Mintit, which contributed to ESG management by promoting a culture of recycling information and communication devices as a used phone business brand under the SK Networks Information and Communication Business Division, became an independent company in 2021. It has led unmanned used phone transactions through 'Mintit ATM' machines installed at major life hubs nationwide, including large supermarkets, public institutions, and telecom agencies. Based on its technology for secure data deletion, which ensures personal privacy, and its systematic phone grading criteria, Mintit received the 'First Certified Safe Used Phone Trading Operator' certification from the Korea Association for ICT Promotion (KAIT) last year, further solidifying its position as an industry-leading company.

TNK Private Equity is an investment firm that discovers promising small and medium-sized enterprises with technological capabilities and helps them grow into differentiated leading companies. Prior to Mintit, the firm invested in the smartphone refurbishment company Ecomax, demonstrating its deep understanding of the used phone industry ecosystem. TNK Private Equity regards Mintit as a technology company that can generate synergy with its existing ICT-related business portfolio and has a strategy to further enhance Mintit's business capabilities through long-term investment and nurturing.

SK Networks plans to retain a 10% stake and support Mintit's growth under its new majority shareholder. A company representative stated, "We will complete the remaining procedures smoothly and swiftly to help Mintit, now partnered with a specialist SME investment firm, reach new heights. At the same time, SK Networks will continue to develop AI business models and concretize new growth engines based on a stable financial structure."

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