Mergers and Acquistions News
Categories: Telecoms
June 1st 2009, 16:37PM
Korean telecoms operator KT Corp has seen its stocks soar after a merger with its mobile unit KTF was completed.
KT's stocks were up by 6.2 per cent earlier today and the company has stated that it now aims to pursue an operating profit of 2.6 trillion won (£1.27 billion) and increase its revenues to 22 trillion won.
Hoping to take advantage of the Korean mobile market's long-term growth, the telecoms operator sees the merger as an important step in enabling the company to expand internationally.
The combined company is planning to focus on providing a full range of telecoms services, from mobile and broadband to television and other services that link telecoms with other infrastructure.
It follows news that top mobile operator SK Telecom recently completed the acquisition of sister company SK Networks as South Korea's telecoms companies increasingly shift toward bundling mobile and fixed-line products.
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