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South Korea’s SK Planet to Invest Up to $1 billion in U.S.
Wall Street Journal ^ | 06/26/2013 | Jessica e. Lessin

Posted on 06/26/2013 6:56:12 PM PDT by TexGrill

SK Planet, the Internet services arm of wireless giant SK Telecom 017670.SE +1.50%, is trying to establish a new home in the U.S.

Jinwoo So, chief executive of SK Planet, said in a recent interview that the maker of popular e-commerce and messaging services in South Korea, will spend between $500 million and $1 billion to buy, invest in and build tech companies in the U.S. over the next three to five years.

The first effort it is backing, a new messaging app called Frankly, is expected to launch this summer. A U.S. team of around 40, including alumni of Google GOOG +0.86%and Apple, is already brainstorming new mobile video, commerce and education services.

The investment will make San Francisco a new hub for SK Planet, which had revenues of $1.3 billion in its last fiscal year.

“I think it is a little bit late already,” said So an interview, in which he discussed the company’s U.S. investment plans in detail for the first time. “But the U.S. is the best market in the world.”

The move is the latest sign that despite growing globalization, Silicon Valley remains a power center that technology companies around the world are trying to tap.

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: southkoreaeconomy
Global business tip
1 posted on 06/26/2013 6:56:12 PM PDT by TexGrill
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