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SK Telecom, South Korea’s largest mobile carrier, announced Friday that it would put SK Broadband, a landline and wireless Internet services provider, under its wing through a share swap.
The mobile firm decided at a board meeting on the day to acquire the entire stake of SK Broadband. The two firms are affiliates of SK Group.
The telecom firm currently holds a 50.56 percent share in SK Broadband, and the rest of the shares are held by other investors including the National Pension Fund.
If approved by SK Telecom’s board and by SK Broadband’s shareholders, the stock swap will be completed by June 9.
“The acquisition is aimed at seeking a synergy effect between the two firms in the fast-changing ICT industry,” an SKT official said.
SK Broadband’s shareholders can trade the company’s shares for SKT stocks at a ratio of 1:0.0168936. Shareholders who do not want the share swap can sell their stocks at 4,645 won per share until May 5.
By Kim Young-won (wone0102@heraldcorp.com)
The mobile firm decided at a board meeting on the day to acquire the entire stake of SK Broadband. The two firms are affiliates of SK Group.
The telecom firm currently holds a 50.56 percent share in SK Broadband, and the rest of the shares are held by other investors including the National Pension Fund.
If approved by SK Telecom’s board and by SK Broadband’s shareholders, the stock swap will be completed by June 9.
“The acquisition is aimed at seeking a synergy effect between the two firms in the fast-changing ICT industry,” an SKT official said.
SK Broadband’s shareholders can trade the company’s shares for SKT stocks at a ratio of 1:0.0168936. Shareholders who do not want the share swap can sell their stocks at 4,645 won per share until May 5.
By Kim Young-won (wone0102@heraldcorp.com)
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