SK Telecom acquires 38% stake in Hanaro Telecom

December 5, 2007 – Korean mobile operator SK Telecom has acquired a 38.89% stake in Korean telco Hanaro Telecom, which operates the successful “hana TV” IPTV service in the country.

SK Telecom acquired the stake for KRW 1,087bn ($1.18bn), although the deal is still subject to government approval.  Under the agreement, SK Telecom will replace a consortium led by AIG and Newbridge as the largest shareholder in Hanaro Telecom.  The deal is expected by analysts to give the mobile operator greater scale and opportunity for the delivery of convergence services.

“I expect this change to bring new growth opportunities for the Korean IT industry,” said Shin Bae Kim, CEO of SK Telecom.  “Building on our strong expertise in convergence business, we will strive to create new global business models such as developing wired and wireless integrated service with Hanaro Telecom.”