Business Services Industry
SK Telecom tries to gain foothold in China through purchase of 10 percent stake in China Unicom.(MERGERS AND ACQUISITIONS)
China Telecom, July, 2006
South Korean top mobile company SK Telecom intends to buy a 10 percent stake in Chinese Number 2 mobile group China Unicom for around $1.1 billion. The company has around 50 people looking to invest in China. Cindy Kang, the spokeswoman for SK Telecom, suggested that the company was keen to enter the Chinese market, though no details were explained to the public. It formed a venture with China Telecom in 2004 to enter the field of wireless services in China.
There are several companies interested in Unicom, like Japan's KDDI Corp. and the US-based Sprint Nextel. The firms are also quite interested to buy the carrier's CDMA standard network.
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