SEOUL, Sept. 29 (Korea Bizwire) — SK Telecom Co. said Friday it has decided to buy an additional stake in its sister company, SK Telink Co., in a bid to expand cooperation in the field of artificial intelligence and the Internet-of-Things.
Under the plan, SK Telecom, which holds a 85.86 percent stake in the sister firm, will wholly own the affiliate.
It did not reveal how much money will be spent on the stock purchase.
SK Telecom said the decision aims to expand ties with SK Telink, which has been making various progress in the industries for international calls and fixed-line corporate telecom solutions.
The mobile carrier said it will actively develop new business models based on its AI and IoT technologies.
The deal is expected to be completed in December this year. SK Telink is an unlisted company.