KT Skylife Co., Ltd. completed the acquisition of Hyundai Futurenet Co., Ltd for approximately KRW 520 billion.
September 29, 2021
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KT Skylife Co., Ltd. (KOSE:A053210) agreed to acquire Hyundai HCN Co.,Ltd. (KOSE:A126560) for approximately KRW 500 billion on July 27, 2020. KT Skylife Co., Ltd. emerged as the preferred bidder. On July 2, 2021, KT Skylife issued 18th-2nd unsecured public bonds to the value of KRW 50 billion or the purpose of using the funds to acquire securities of Hyundai HCN. The resolution of the board passed on October 13, 2020. The deal requires approval from regulators, including the Korea Communications Commission, Ministry of Science and ICT and the Korea Fair Trade Commission. South Korea's antitrust regulator approved the transaction on August 24, 2021. Transaction is expected to be completed in the second half of 2021. Transaction is expected to complete on July 30, 2021. Credit Suisse Group AG (SWX:CSGN) acted as financial advisor to Hyundai HCN Co.,Ltd. KPMG acted as due diligence provider to KT Skylife.
KT Skylife Co., Ltd. (KOSE:A053210) completed the acquisition of Hyundai Futurenet Co., Ltd (KOSE:A126560) for approximately KRW 520 billion on September 30, 2021. Post transaction, KT Skylife changed the name of Hyundai Futurenet Co., Ltd to HCN Co., Ltd.
KT Skylife Co Ltd a Korea-based company principally engaged in the provision of digital satellite broadcasting services. The Company provides television (TV) channel services, digital video and audio services, high-definition (HD) multichannel services, personal video recording (PVR) services, interactive broadcasting services, near video on demand (NVOD) channel services, English language packaged channel services, mobile services, TV services for vehicles, services for protection of children by locking adult channels, and others under the brand name of Skylife. It also involves in the production of broadcasting contents, such as TV entertainment programs.