KT Skylife Applies for Corporate Merger Approval to Acquire Hyundai HCN

[Asia Economy Reporter Koo Chae-eun] KT Skylife has completed the corporate merger application to the government for the acquisition of Hyundai HCN.

On the 6th, KT Skylife applied to the Ministry of Science and ICT and the Fair Trade Commission for approval and change related to the acquisition of Hyundai HCN. This includes the approval for the change of the largest shareholder of the period telecommunications business operator under the Telecommunications Business Act, a public interest review, and the approval for the change of the largest investor of the comprehensive wired broadcasting operator (SO) under the Broadcasting Act related to KT Skylife's acquisition of Hyundai HCN.

The Ministry of Science and ICT plans to conduct a review according to the procedures and standards prescribed by relevant laws such as the Telecommunications Business Act and the Broadcasting Act regarding the corporate merger application. This is the first approval review application received since the signing of the "Memorandum of Understanding for the Development of the Digital Media Ecosystem" among the Ministry of Science and ICT, the Korea Communications Commission, and the Fair Trade Commission.

The Ministry of Science and ICT stated, "To actively support the success of the Digital New Deal through the development of the digital media ecosystem, we plan to promptly form a consultative body among related agencies for broadcasting and telecommunications M&A and proceed with the review."

Once the acquisition of Hyundai HCN is completed, KT Skylife's position as a TPS (Triple Play Service) operator in broadcasting, internet, and MVNO (Mobile Virtual Network Operator) is expected to be strengthened. Customers will have expanded choices not only for satellite broadcasting but also for cable TV according to their preferences. KT Skylife said, "Through the acquisition of Hyundai HCN, we will strive to expand consumer choice and create synergy, faithfully fulfill regional characteristics and public roles, and cooperate fully with the government to ensure the smooth progress of the review."

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