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The e-commerce platform 11Street, grappling with a financial crisis, is expected to expedite its forced sale process, as its largest shareholder SK Square has relinquished its call option.
SK Square has suspended talks with Qoo10 over the sale of 11st Street, an e-commerce shopping website, as both sides have failed to agree on the online shopping platform's corporate value.
SK Square, the investment arm of SK Telecom, sold a portion of its stake and management rights in SK Shieldus, Korea's second-largest security service provider, to EQT Partners, a private equity fund (PEF) operated by Sweden's largest conglomerate, the Wallenberg Group, for 864.6 billion won, the Korean company said Wednesday.
Hana Financial Group, jointly with SK Telecom and SK Square, have formed a strategic partnership to combine their expertise in finance and information and communications technology (ICT) to take lead together in innovative financial services using digital technology, the banking group announced on Sunday. It said the three will jointly invest in Web 3.0, the third generation of the World Wide Web aimed at a decentralized and secure internet that allows users to directly interact and create digital content by using blockchain technology and advanced artificial intelligence (AI).
SK Square, the investment arm of South Korea-based giant SK Group, is reportedly working on launching its own cryptocurrency and a blockchain service alongside its partners.