South Korea’s biggest mobile carrier, SK Telecom, has acquired a controlling stake in Seoul-based digital advertisement company Incross, with the aim of expanding into the media and commerce market.
In a statement released Thursday, SKT said it had purchased a 34.6 percent stake in Incross for 53.5 billion won ($47.2 million) from NHN. Incross has provided online marketing services through internet and mobile advertisements since its establishment in 2017.
The acquisition is expected to boost SKT’s business in the online media and e-commerce industries. The acquisition will pave the way for SKT to diversify its business portfolio, SKT said.
“Combining SKT’s technology and Incross’ advertisement capability, we will enhance our partnership to maximize our clients,” said Chang Hong-sung, who heads SKT’s internet of things and data business division.