Creating Synergy

 

SK Telecom announced on January 21 that SK Planet, a wholly-owned subsidiary of the company, will spin off its LBS unit and merge with SK Telecom.

SK Telecom and SK Planet separately held the board meeting on the 21st and have decided to split and merge SK Planet’s LBS unit. The date of the division-merger is set on April 5.

As SK Telecom will be able to create a synergy of various businesses, such as online-to-offline (O2O), location-based services, and Big Data, in the living value platform sector through the spin-off and merger of the LBS business unit, including T Map, the company can accelerate innovation as the next-generation platform service provider further. Moreover, SK Planet will be able focus more on commerce business.

Currently, T Map has dominated the domestic mobile navigation market with over 17 million users as of the end of 2015.

Meanwhile, SK Telecom announced to reorganize the business structure of SK Planet in order to strengthen the next-generation platform business on December 29 last year. The company is now seeking to create a separate company by dividing into commerce and platform businesses.

 

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