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SK Telecom unit, t-broad secure final regulatory approval for US$4B merger

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SK Telecom unit, t-broad secure final regulatory approval for US$4B merger

SK Broadband and t-broad Holdings Co. Ltd. secured the final regulatory approval needed to complete their US$4 billion merger, Yonhap News Agency reported.

South Korea's Ministry of Science and ICT greenlit the deal, upholding its earlier decision to clear the transaction under the condition that the merged entity must comply with fair business practices and keep employment stable.

The ministry's decision came shortly after the Korea Communications Commission gave a conditional nod to the deal, under which the broadband provider and cable TV operator will merge to become a company with about 8 million subscribers.

Following the approvals from authorities, SK Telecom Co. Ltd., the parent company of SK Broadband, said the creation of the merged entity will be done in April.

The resulting entity from the merger will have SK Telecom as its largest shareholder with a 74.4% stake, followed by t-broad parent Taekwang Industrial Co. Ltd. with 16.8% ownership. Financial investors will own an 8% stake, while treasury stock and others will hold 0.8% of the merged entity.