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Industry: Email Alert RSS FeedSK telecom plans to buy stake in China Unicom
Telecommunications Mergers & Acquisitions, July, 2006 by Anonymous
South Korea's top mobile company, SK Telecom, plans to buy a stake in China Unicom, the second-largest telecommunications company in China. SK controls around half of the cell-phone market in South Korea. It is planning to make its growth felt in Asia in a big way. The Maeil Business Newspaper said that SK telecom would soon announce this purchase of a 10 percent stake in China Unicom.
The value of the deal is estimated at around $1.04 billion. SK Telecom spokeswoman Kim Hye-jin said that the method of investment was yet to be decided. The two companies had formed a joint venture called UNISK in 2004.
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