J.C. Flowers & Co. LLC won the bid to acquire KT Capital Co., Ltd. from KT Corp. and KTHitel Co., Ltd. for approximately KRW 300 billion.
June 23, 2015 at 12:00 am EDT
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J.C. Flowers & Co. LLC won the bid to acquire KT Capital Co., Ltd. from KT Corp. (KOSE:A030200) and KTHitel Co., Ltd. (KOSDAQ:A036030) for approximately KRW 300 billion on June 23, 2015. J.C. Flowers was selected as the preferred bidder by KT Corp. An agreement will be signed on July 6, 2015. As of June 30, 2015, it was disclosed that KT Corp. will sell 23.1 million shares for KRW 252.2 billion and KTHitel will sell 4.5 million shares for KRW 49.5 billion. KTHitel will receive KRW 2.46 billion in cash within 15 business days from the contract signing date and the remaining balance of KRW 47 billion will be received in cash on August 31, 2015. The consideration is subject to subject and may change according to contract conditions. The deal was resolved by the Board of Directors of KTHitel and KT Corp. on June 30, 2015 and is expected to close by August 31, 2015. J.C. Flowers & Co. LLC entered into an agreement to acquire KT Capital Co., Ltd. from KT Corp. (KOSE:A030200) and KTHitel Co., Ltd. (KOSDAQ:A036030) on July 6, 2015.
As of August 20, 2015, the consideration has been changed to KRW 299 billion and the deal is now expected to be completed on August 20, 2015. Ernst & Young, Korea acted as the external evaluating agency.
KT Corp is a Korea-based company that mainly provides telecommunication services. The Company operates its business through four segments. The Information and Communications Technologies segment is engaged in providing telecommunication services to individual, home, corporate customers and the convergence business. The Finance segment is engaged in providing financial services, such as credit card. The Satellite Broadcasting segment provides satellite television services. The Other segment includes security services, satellite service, information technology and network services, as well as global business services, which provide global network services to multinational or domestic corporate customers and telecommunications companies. The Company's principal services include mobile voice and data telecommunications services; fixed-line services; credit card processing and other financial services; as well as other services. The Company is engaged in the software platforms business.
KT CORPORATION 
