Rapport Labs, which operates Queenit, a fashion platform for women in their 40s and 50s, is on the verge of acquiring SK Stoa.
According to the investment banking industry on the 13th, Rapport Labs recently completed due diligence for the SK Stoa acquisition, with only the signing of the main contract remaining. It was reported that the parties are currently coordinating the final acquisition price.
The acquisition target is 100% of the SK Stoa equity held by SK Telecom. SK Telecom is moving to dispose of noncore asset such as SK Stoa to secure funding for artificial intelligence (AI) investments.
SK Stoa is considered the No. 1 domestic company in T-commerce, an e-commerce format using TV, also known as data home shopping. Last year, it posted 302.3 billion won in sales and 8.1 billion won in operating profit.
Rapport Labs is said to have pushed ahead with the acquisition, highly valuing that SK Stoa has secured a strong base of loyal customers among people in their 40s and 50s, the core customer segment for Queenit.
In particular, although there was talk that multiple corporations, including Hyundai Home Shopping, expressed interest in acquiring SK Stoa, Rapport Labs alone conducted the actual due diligence.
The sale price for 100% of SK Stoa equity is estimated to be around 100 billion won. Rapport Labs was said to be planning to raise the acquisition funds through its own cash and additional financing such as a paid-in capital increase.
Since its founding in 2020, Rapport Labs has successively attracted investment from Kakao Ventures, Atinum Investment, and Altos Ventures, at one point earning a valuation of over 400 billion won.
A source in the IB industry said, "Rapport Labs has wrapped up due diligence on SK Stoa and is coordinating the final acquisition price," adding, "Only approval from the internal investment review committee and the main contract remain."
Meanwhile, SK Stoa operates a home shopping channel that must obtain authorization from the Korea Media and Communications Commission, and it was reported that additional approval from the commission is required when there is a change in the largest shareholder.