South Korean telco SK Telecom and Japanese cellco KDDI have submitted bids to buy Indonesia-based cable TV and internet company First Media, according to a Reuters report.
First Media’s parent company, Lippo Group, is reportedly looking to sell the…
South Korean telco SK Telecom and Japanese cellco KDDI have submitted bids to buy Indonesia-based cable TV and internet company First Media, according to a Reuters report.
First Media’s parent company, Lippo Group, is reportedly looking to sell the company for about US$500m. But a Wall Street Journal report wrote that Lippo might be seeking up to US$800m for the cableco.
Sources cited by Reuters said that Lippo has hired Bank of America Merrill Lynch for the deal, while SK has appointed Deutsche Bank.
Back in December, KDDI’s new president, Takashi Tanaka, said the company was considering M&A deals in Asia in order to deploy consumer-oriented services in neighbouring countries.
A few weeks ago, the company confirmed that it would buy 76% of Taiwan-based digital music service provider KKBOX from parent Skysoft, which holds 100% of the company.
Also recently, SK Telecom sold its entire 29.3% stake in Mongolian cellco Skytel for W25.8bn (US$24m). According to reports, this sale is part SK Telecom’s broader strategy to exit unprofitable markets and focus instead on areas with more advanced network technology.
The companies could not be reached for comment before going to press.
