AIG-Newbridge group approaches more than 10 candidates for selling stake in Hanaro.(MERGERS AND ACQUISITIONS)

Internet Business Newsletter, August, 2007

According to Yonhap News Agency, the AIG-Newbridge consortium, which is the biggest foreign shareholder of South Koreabased Hanaro Telecom, is in talks with more than 10 foreign firms for selling its stake in Hanaro, the second-biggest broadband services provider in the country. AT&T, NTT DoCoMo, and Singapore Telecommunications are reported to be likely candidates for purchasing the stake in Hanaro.

However, Hanaro Telecom and the AIG-Newbridge syndicate have not made any official announcement about this deal. Yonhap stated that the consortium is not having any discussions with local firms like LG Dacom and SK Telecom for this stake sale. The AIGNewbridge consortium had a 39.36 percent interest in Hanaro by the end of 2006.