KT board approves KTF merger plans (South Korea)

January 21, 2009 at 12:55 Leave a comment

According to Reuters, South Korean fixed line and broadband operator KT Corp (KT) has announced it will merge with mobile operator KTF Corp. The announcement comes after rumours of a tie-up last week, with the board of KT approving the merger yesterday. As KT will absorb the mobile operator it has been reported that KTF shareholders will receive 0.7192335 of a KT share for every KTF share they own. KT has also said it will sell USD253 million bonds exchangeable into its stocks to NTT DoCoMo as part of the merger plan, with the Japanese firm set to transfer 60% of its holding in KTF to KT. The merger still needs to gain approval from the government before it can go ahead, with the Korean Communications Commission expected to approve the merger by April 2009.

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Entry filed under: Asia, Financial, Korea, KTF, Mobile, Mobile Network Operator, Reuters, Telecom, Wireless. Tags: , , , , , .

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