Littauer Technologies acquires AsiaNetCorp for $1.2 billion

In Asia''s biggest technology acquisition outside the telecoms industry, Korea''s Littauer Technologies has agreed to buy AsiaNetCorp for $1.2 billion in stock. Shareholders approved the deal yesterday.

Littauer Technologies, a Korean technology investment company, has agreed to acquire the internet company it founded, AsiaNetCorp, for $1.2 billion in stock. The move creates one of Asia's biggest technology holding companies.

AsiaNetCorp shareholders yesterday approved the acquisition, which was announced earlier this month. The shareholders will receive one Littauer share for every seven AsiaNetCorp shares held. Littauer's shares are trading at about $139, which means it is paying nearly $20 for each AsiaNetCorp share. Littauer's shares are listed on Korea's Kosdaq exchange.

Beneficiaries of the transaction include AsiaNetCorp's biggest shareholder, NetGain Development. The US investment company, which invested...

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