sk-telecom-inks-agreement-for-hanaro

SK Telecom inks agreement for Hanaro

The Korean telco signs an agreement to buy 39% of Hanaro for $1.18 billion, on the same day that KT Freetel and NTT DoCoMo jointly invest in Malaysia's U Mobile.

Korea's SK Telecom has signed an agreement to acquire Hanaro Telecom, the country's second largest broadband provider. SK Telecom was the selected preferred bidder announced a few days ago by Goldman Sachs, the adviser to the deal.

SK Telecom will purchase 38.89% of Hanaro for a total of W1.09 trillion $1.18 billion. SK Telecom already owns a stake in Hanaro and will now become its largest shareholder with a total stake of 43.59%. SK Telecom will acquire management rights of the company, currently held by a consortium of American International Group AIG and Newbridge Capital. The deal is subject to government approval.

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