Bonus $100
Badosa vs Kvitova Preview Kyrgios vs Tsitsipas Preview Swiatek vs Cornet Preview Transfers 22/23 Wimbledon 2022 Wimbledon Draw & Schedule
  1. Home
  2. Daily News
Users' Choice
12 200 USD
0 100 USD
0 100 USD
0 122 EUR
0 Free Bet BTC
Best Crypto Bookmaker
0 250 USD

LG to merge Korean telecom operations

Robert Clark
12 Oct 2009

The LG Group is planning to merge its three Korean telecom service providers into one company to give the company more heft in competing with larger rivals.

The combination of mobile operator LG Telecom, fixed-line provider LG Dacom and ISP LG Powercom would create an operator with $6 billion in sales and $773 million in operating profit, Korea Timessaid.

LG Telecom is Korea’s smallest mobile operator, with 8.5 million subs. In August it reported its biggest profit decline in six quarters

Korea’s biggest carrier KT merged with wireless unit KTF earlier this year, and industry analysts expect mobile leader SK Telecom to absorb its ISP, SK Broadband, some time in the next year.

“LG has been seriously considering a consolidation of its fixed-line and wireless telecommunications business. There has been talks in the markets about a merger between two of the units, but we believe combining the three is a more effective solution, considering cost or in generating synergy,’’ LG said in a statement.

“We expect to become more competitive in the market by converging mobile service subscribers and retail networks from LG Telecom, and other network services from LG Dacom and LG Powercom,” it said.

LG Group owns 37.4% of LG Telecom and 30% of LG Dacom, while Dacom has a 40.9% holding in LG Powercom. Korea Electric Power Corp. (KEPCO) owns a 38.8% of Powercom.

LG will also set up a separate retail arm to support the new, larger telco.

Would you like to know how to download the Melbet mobile app? Go to find out more ways to download and install the Melbet app on you mobile phone.

Related content

  • New LGT head takes helm
  • KT cuts 6,000 jobs
  • For $9.7b, Telefónica finally gets Vivo
  • NSN on verge of clinching Mot deal: reports
  • TeliaSonera, Alfa fight Russian merger ban
  • LG
  • Korea
  • Merger and acquisition
No Comments Yet! Be the first to share what you think!
This website uses cookies
This provides customers with a personalized experience and increases the efficiency of visiting the site, allowing us to provide the most efficient service. By using the website and accepting the terms of the policy, you consent to the use of cookies in accordance with the terms of this policy.