Telecom share-swap completed
KT Corp. announced yesterday its stake-swap deal with SK Telecom has been completed, with payments by each side settled. KT, the largest high-speed Internet provider in Korea, had held 9.3 percent in SK, while SK had held a 9.6 percent stake in KT. The two companies agreed last November to exchange their shareholdings. The stake-swap was significant in that it ensured SK -- which before the deal was KT's largest shareholder -- would not control a major interest in its competitor and newly privatized firm.
with the Korea JoongAng Daily
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