Mobile network SK Telecom is forming a strategic alliance in Malaysia via a US$100m investment in local WiMAX provider Packet One (P1).
Scheduled for completion in June, the deal will give SK a significant 25% in P1, which is a subsidiary of…
Mobile network SK Telecom is forming a strategic alliance in Malaysia via a US$100m investment in local WiMAX provider Packet One (P1).
Scheduled for completion in June, the deal will give SK a significant 25% in P1, which is a subsidiary of Malaysia-listed group Green Packet Berhad. The agreement will be subject to certain closing conditions, with details of a strategic alliance to be disclosed upon signing of the proposed agreement.
DBS Bank acted as the exclusive financial advisor to SK Telecom on the Strategic Investment.
P1 claims to be the first WiMAX provider in the country, focused on both consumer and business markets. Since its commercial launch in 2008, P1 has acquired more than 175,000 subscribers and last year generated revenues of US$43.8m.
SK Telecom president and CEO Man Won Jung said: “P1 has huge growth potential with its success in the nation’s first deployment of WiMAX service and adoption of differentiated marketing strategies. Based on SK Telecom’s ICT expertise and capability achieved in the Korean market, SK Telecom is committed to exert our best endeavour to ensure successful business with P1. SK Telecom will continue to focus our efforts in expanding overseas business through IPE strategy to become a true ‘Global ICT Leader’.”