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[Alpha Biz=(Chicago) Reporter Paul Lee] SK Square is speeding up its search for new investors after negotiations with Singapore's e-commerce company Qoo10 to sell its stake in 11th Street broke down.
According to the investment banking (IB) industry on the 23rd, SK Square quickly resumed negotiations with other original buyers besides Qoo10 as the sale of its stake in 11th Street returned to square one. Not only the U.S. Amazon, which is collaborating with overseas direct purchase services, but also China's Alibaba, which peeps into the Korean online market, are mentioned as new negotiators.
Since they were quite interested in acquiring a stake in 11th Street before Qoo10 was selected as the right association, the industry predicts that negotiations for the sale of their stake in 11th Street will move forward rapidly.
11th Street received 450 billion won and 50 billion won, respectively, from private equity fund (PEF) operators H & Q Korea and Near Private Equity in 2018. At the time of attracting investment, corporate value was set at KRW 2.5 trillion to KRW 3 trillion. This time, Qoo10 has set 11th Street's corporate value at a maximum of 1 trillion won.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
