Winning consortium launches Hanaro financing

LG Group calls foul as US consortium wins shareholder support for the purchase of Hanaro.

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.

...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222