[Asia Economy Reporter Jo In-kyung] Shinsegae Group's Emart has signed a final contract with SK Telecom to acquire the professional baseball team SK Wyverns.
On the 23rd, Emart announced that it had signed a stock purchase agreement to acquire 1 million shares of SK Wyverns held by SK Telecom for 100 billion won.
After acquiring the shares, Emart's stake in SK Wyverns will be 100%. Emart explained the purpose of this stock acquisition as "expecting synergy through enhancing brand power of Emart and SSG.com, attracting customers through linked marketing and development of baseball-related PL products."
Separate from the stock acquisition, the sale of land and buildings owned by SK Telecom will proceed through a separate contract in the future.
Shinsegae Group also announced that it completed its membership application to the KBO (Korea Baseball Organization) the day before.
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