LG Telecom Sells Equities to BT for 400 Million Dollars
LG Telecom, the second largest PCS company in Korea, will sell some of its equities to British Telecom of the UK for 400 million dollars.According to industry analysts the two companies agreed on September 25, to sign an equity participation deal. Sources from the industry are estimating that as the result of this deal, BT will acquire about a 20% equity of LG Telecom.
A source from BT said, ' An agreement which has been in the works for two months was concluded recently and BT's board of directors approved that deal. Within the next week a senior executive will come to Korea and sign the deal formally.'
LG Telecom announced that BT's investment money will begin to flow in by mid-October.
Meanwhile, BT will dispatch two directors and participate in LG Telecom's management, a source from LG said.
with the Korea JoongAng Daily
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