SK Telecom to acquire Iriver for 29.5 bln won

By Kang Yoon-seung

SEOUL, June 25 (Yonhap) -- South Korea's top mobile carrier SK Telecom Co. said Wednesday it will acquire shares in Iriver Ltd., a maker of music players, for 29.5 billion won (US$28.9 million), in a bid to tap deeper into its so-called "appsessories" business.

Under the deal, SK Telecom will gain a 39.57 percent stake from Bogo Fund to become the largest shareholder of Iriver. The carrier said the procedure is anticipated to be done by mid-August.

The decision came around two weeks after SK Telecom was tapped as the preferred bidder for the acquisition of Iriver.

SK Telecom said its latest purchase of the music device manufacturer came in line with its efforts to bolster its "appsessories" business, which refers to a convergence of mobile applications and accessories.

The mobile carrier has been rolling out various gadgets with smart-related features, such as robots and a smart-mirroring device, which connects TVs with smartphones, putting a emphasis on connectivity among devices.

SK Telecom also said the global information and communications (ICT) market has been experiencing rapid changes involving "convergence devices," adding Iriver's know-how will help the telecommunications company adapt to such a trend.

colin@yna.co.kr
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