WSJ: SK Telecom Agrees To Acquire Shopkick

(RTTNews) - SK Telecom Co. (SKM), which provides wireless telecommunications services in Korea, has agreed to buy shopping-loyalty app Shopkick Inc., the Wall Street Journal reported, citing two people familiar with the deal. Terms of deal not disclosed.

The report stated that this acquisition would give SK Telecom a new foray into the U.S. and provide it with new data tied to mobile phones.

SK Telecom told The Wall Street Journal last year that it would spend between $500 million and $1 billion through its SK Planet Internet services arm to buy, invest in and build U.S. companies over three to five years.

Shopkick gives users points, or kicks, for entering a store while using the app. Users can also get points by scanning certain barcodes. The kicks can be redeemed for gift cards at retailers such as Macy's, Old Navy and Crate & Barrel. The app has more than eight million users.