CJ Hellovision declared that its shareholder has approved the acquisition of the company by SK Telecom.
CJ Hellovision CEO Kim Ji-Seok said, The two companies will ramp up efforts for the nations broadcasting industry and consumer values through aggressive investments and service developments.
SK Telecom had agreed to buy CJ Hellovision in November 2015.
Under the transaction, SK Telecom will pay 500 billion won (398.2 million) for a 30% stake in CJ Hellovision currently held by CJ O Shopping. The deal enable it to buy CJ O Shopping's remaining 23.9% stake in CJ Hellovision at a later date through call and put options.
It is estimated that the deal will be completed in April, after meeting regulatory approval.
SK Telecom intends to merge CJ Hellovision and its fixed-line unit SK Broadband via a stock swap after completion.
CJ Hellovision CEO Kim Ji-Seok said, The two companies will ramp up efforts for the nations broadcasting industry and consumer values through aggressive investments and service developments.
SK Telecom had agreed to buy CJ Hellovision in November 2015.
Under the transaction, SK Telecom will pay 500 billion won (398.2 million) for a 30% stake in CJ Hellovision currently held by CJ O Shopping. The deal enable it to buy CJ O Shopping's remaining 23.9% stake in CJ Hellovision at a later date through call and put options.
It is estimated that the deal will be completed in April, after meeting regulatory approval.
SK Telecom intends to merge CJ Hellovision and its fixed-line unit SK Broadband via a stock swap after completion.