[THE INVESTOR] Leading mobile carrier SK Telecom’s bid to buy cable TV operator CJ HelloVision was officially terminated following the antitrust watchdog’s earlier decision to reject the plan, the Science Ministry said on July 28.

The ministry said it reached a decision not to allow SK Telecom’s merger proposal, officially terminating the evaluation process of what would have been one the country’s biggest mergers and acquisitions deal this year.

Last week, the Fair Trade Commission put the brakes on a merger between the two giants in the local telecommunications and broadcasting sector, expressing concerns that the merger would undermine competition in the market.

SK Telecom, with a market share of more than 50 percent, agreed to acquire a 53.9 percent stake in CJ HelloVision for 1 trillion won (US$870 million) in November last year.

(theinvestor@heraldcorp.com)