After the digital content deal with Indonesia’s Telkomsel, SK Telecom unveiled a new investment in the region. This time they are pouring out $100 million for a 25% stake in Malaysian WiMAX operator – Packet One Networks (P1). According to reports from Malaysia’s The Star newspaper, the deal was expected to be signed in June.
“Pending final procedures, SK Telecom is to become a significant minority shareholder with about 25 percent stake in P1,” the Korean company said in a statement. In a separate statement, P1 noted: “we look forward to disclosing the details should the strategic alliance proceed,” but gave no further details.
If everything goes as planned, SK will emerge as P1’s second-largest shareholder, after its owner, Green Packet. Unsurprising, shares in Green Packet shot up by more than 15% following the news.
P1 is one of the largest WiMAX operators in Southeast Asia with about 175,000 subscribers at the end of the first quarter. Moreover, the company expects to hit 280,000 users by the end of the year.
[Via: MobileBusinessBriefing]