Mergers and Acquistions News
Categories: Telecoms
May 22nd 2009, 15:55PM
South Korea's biggest mobile carrier has announced the acquisition of part of its sister company's business.
Under the agreement, SK Telecom will take over both the asset and debt of SK Network's leased-line business, paying KRW 892.9 billion (£452 million) in order to assume KRW 654.1 billion of assets and KRW 627.8 billion of debt.
The company is expected to secure sufficient network capacity for its mobile phone service.
"Concerns were constantly raised that SK Telecom was too dependent on outside network resources. However with this agreement, SK Telecom will be able to greatly enhance efficiency in network operation and costs," said Dong-Hyun Jang, SK Telecom's chief financial officer.
The acquisition follows SK Telecom's announcement that it has signed an additional consulting agreement with Kulacom Broadband Investment Company, which operates high-speed wireless internet services and VoIP in the Middle East.
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