Japan's NTT DoCoMo seals deal to buy 10 percent of SKorean KTF

0 Comments | AFP, December, 2005

SEOUL (AFP) — Japan's leading cellphone company NTT DoCoMo agreed to purchase a 10 percent stake in South Korea's second-largest mobile carrier KTF for about 560 million dollars.

DoCoMo aims to complete the 65.5 billion yen deal this month by buying new shares to be issued by KTF, as well as treasury stock from the firm, a joint statement said Thursday.

DoCoMo will also get a seat on the KTF board of directors under the deal signed by KTF President Cho Young-Chu and DoCoMo Vice President Masayuki Hirata in Seoul.

Under the agreement, DoCoMo will provide KTF with the technology for rolling out third-generation (3G) cellphone services. The two firms said they will also consider offering a roaming service allowing their customers to use both phone and text...