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Business deals

Chat app Kakao in $260m share swap with South Korea telecom

Deal with SK Telecom aimed at boosting users and collaborating on new tech

Kakao, which runs South Korea's most popular chat app, KakaoTalk, has agreed to take a 1.6% stake in SK Telecom. (Photo by Ken Kobayashi)

SEOUL -- South Korea's SK Telecom and compatriot Kakao signed a 300 billion won ($257 million) share swap agreement on Monday to strengthen their cooperation in e-commerce, digital content and communications technology.

SK Telecom, the country's largest telecom company, aims to attract more than 50 million Kakao users to its own e-commerce affiliate, Eleven Street. Kakao meanwhile wants to sell its game and music streaming services on SK Telecom's media platform. Kakao runs the country's most popular chat app, KakaoTalk.

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