SK Telecom to Spin Off and Merge SK Planet's LBS Business
Published2016.01.21 17:25SK Telecom announced on the 21st that it plans to spin off the LBS business organization of its wholly owned subsidiary, SK Planet, and pursue a merger with SK Telecom.
SK Telecom and SK Planet each held board meetings on the 21st and passed a resolution regarding the spin-off and merger of SK Planet's LBS business organization, and the date of the spin-off and merger is April 5.
Through the spin-off and merger of the LBS business organization including T map, SK Telecom has been able to create synergies across various business fields such as O2O, location-based services, and Big Data within the realm of lifestyle value platforms, thereby further accelerating its transformation into a next-generation platform operator, while SK Planet has been able to focus more on its commerce business.
Currently, T map is the number one mobile-based navigation service in Korea, with over 17 million users as of the end of 2015.
Meanwhile, on December 29 of last year, SK Telecom announced plans to restructure SK Planet's business structure to strengthen the framework for promoting the growth of its next-generation platform business, and is pursuing the establishment of separate legal entities by separating SK Planet into a commerce business and a platform business.
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