Baseball-South Korean antitrust commission approves Shinsegae's takeover of KBO's Wyverns - report

SK Telecom Co

03/03/2021 06:49

March 3 (Reuters) - The Korea Fair Trade Commission (KFTC)
on Wednesday approved South Korean retailer Shinsegae's takeover
of the SK Wyverns baseball team from SK Telecom, Yonhap news
agency https://en.yna.co.kr/view/AEN20210303002300320?section=sports/sports
 reported. 
    E-Mart, the country's biggest discount store chain and run
by Shinsegae, reached an agreement with SK Telecom in January
for a deal worth 135.3 billion won ($120.7 million).
 urn:newsml:reuters.com:*:nL1N2K1086
    The deal meant E-Mart would acquire a 100% stake in the
Korea Baseball Organisation team and take over its properties
and facilities. The club is set to remain in Incheon.
    The KFTC said the proposed takeover was given the green
light as it is unlikely to hurt market competition, according to
Yonhap.
    The Wyverns were formed in 2000 and have won four Korea
Series titles, the last in 2018. They had a poor 2020 season,
however, managing just 51 wins in 144 games and finishing ninth
in the 10-team league.
    
    ($1 = 1,121.1200 won)

 (Reporting by Manasi Pathak in Bengaluru; Editing by Christian
Schmollinger)
 ((Manasi.Pathak@thomsonreuters.com;))