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 here 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).
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

Source: Reuters

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