Business Services Industry
Virgin Mobile USA plans to buy SK Telecom-controlled Helio.(KOREA)
Asia Pacific Telecom, July, 2008
According to the Financial Times, Virgin Mobile USA said that it intends to buy the US-based cell-phone joint venture Helio, which is backed by South Korea-based operator SK Telecom. Both parties want to combine their sluggish operations to become a potent force in a maturing market. According to a source close to the matter, an announcement of this development is likely to be made this month.
Via this agreement, Virgin Mobile USA, which was formed in 2002 and listed in the New York Stock Exchange in October 2007, will be able to buy Helio. In return, the company would be issuing new shares, which will enable SK Telecom to win a 20 percent stake in the enlarged business, worth around $50 million. SK Telecom has also expressed its willingness to invest some amount...
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