SK Telecom sells controlling share of handset biz for $299M

SK Telecom, South Korea's largest carrier, sold 60 percent of its handset business, SK Teletech, to Korean mobile phone maker Pantech for approximately $299 million in cash. SK Telecom will maintain a 29.1 percent stake in SK Teletech, making it the company's second-largest shareholder. SK Telecom will maintain its strategic position with SK Teletech, working with the company to develop new mobile devices.

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PLUS: How will this deal impact SK Telecom's overall strategy? Article