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SK Telecom buys Malaysian WiMax stake
30 June 2010
South Korea’s SK Telecom is spending $100m on buying a 25% stake in WiMax operator Packet One of Malaysia
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SK Telecom
Packet One
P1
WiMax
Malaysia
SK Telecom has acquired a 25.8% stake in a Malaysian broadband network operator, Packet One Networks, for $100 million. The agreement will make the South Korean operator the second-largest shareholder in Packet One.
The tie-up would allow SK Telecom to expand its global presence while giving P1 the capital it needs to expand its WiMax high speed broadband network in Malaysia.
The two companies will share their technology, network expertise and customer products portfolio.
Green Packet, P1’s largest shareholder, expects to spend $308 million to fully launch Packet One’s WiMax network in Malaysia. It spent $138 million between mid-2008 and end-2009. Green Packet is looking to spend $107 million this year and $61 million in 2011 on the rollout, according to managing director and CEO, CC Puan. GTB