Following an intense struggle, the consortium led by American International Group AIG of the US has emerged victorious in its bid to acquire a 39.6% stake in Hanaro Telecom. The total financing package amounts to $1.1 billion and will consist of a $500 million equity injection from AIG and Newbridge Capital as well as a $600 million loan.
LG Group lost out as it aimed to add to its existing 18% holding after offering $634 million for a 51% stake in the second largest internet service provider in Korea. The Korean Chaebol teamed up with US private equity fund Carlyle and was to be backed by Citigroup.
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