SK Telecom Emerges as Preferred Bidder for Hanaro Telecom
November 16, 2007
Following up on a previous Asia Express report dated November 9, SK Telecom, which joined the tender for a majority stake in Hanaro Telecom, has emerged as the preferred bidder, according to The Korea Herald.
Beating competitors including LG as well as local TV station MBC and digital device maker Celrun, SK Telecom is entitled to acquire the 39.35% stake in Hanaro Telecom controlled by the consortium of Newbridge Capital and American International Group. The stake is currently valued at US$1.1 billion, but the sum payable by SK Telecom is still pending negotiations.
Via acquiring the stake, SK Telecom is enabled to tap Hanaro Telecom's user base of millions and establish presence in the IPTV (Internet Protocol Television) business.