KT Skylife, New Owner of Hyundai HCN... Selected as Preferred Negotiation Partner (Update)

KT Skylife Selected as Preferred Negotiation Partner for HCN

[Asia Economy Reporter Koo Chae-eun] KT Skylife has been selected as the preferred bidder for the acquisition of Hyundai HCN, beating SK Telecom and LG Uplus in a three-way competition.

On the 27th, Hyundai Department Store Group announced, "KT Skylife has been selected as the preferred bidder." The group stated, "We received the final bid proposals on the 15th, and after reviewing them, KT Skylife was chosen," adding, "We will re-disclose details once they are finalized."

Accordingly, KT Skylife will hold exclusive negotiation rights with Hyundai HCN and proceed with due diligence and final sale price negotiations. KT Skylife's selection as the preferred bidder was decided four months after Hyundai HCN announced its public sale plan and about ten days after the closing of the final bid.

If KT Skylife successfully completes the acquisition of Hyundai HCN, the KT group will solidify its position as the number one player in the paid broadcasting market. As of the second half of last year, the market shares of telecom companies in the paid broadcasting market were KT and KT Skylife (31.52%), LG Uplus and LG HelloVision (24.91%), and SK Broadband (24.17%). With the acquisition of Hyundai HCN (3.95%), the KT group’s market share will increase to 35.47%, widening the gap with the second and third place by more than 10 percentage points.

This content was produced with the assistance of AI translation services.