Deutsche Telekom and SK Telecom announced a cross investment agreement aimed at strengthening their competitiveness in 5G.
Under the agreement, SK Telecom plans to invest in MobiledgeX, the edge computing company founded by Deutsche Telekom and headquartered in Menlo Park, California MobiledgeX is focused on delivering developer-facing edge computing services.
Deutsche Telekom plans to invest the same amount to ID Quantique (IDQ), SK Telecom’s strategic partner in quantum cryptography communication technology based in Switzerland.
“SK Telecom is pleased to enter into a cross-investment agreement with Deutsche Telekom as it will serve as a valuable opportunity for us to further solidify our 5G leadership in the global market and drive new growth,” said Park Jung-ho, President and Chief Executive Officer of SK Telecom.
“We look forward to intensifying our successful cooperation with SK Telecom. The partnership will help both companies to strengthen our global technology leadership and bring 5G and other innovative services to our customers,” stated Timotheus Höttges, CEO of Deutsche Telekom.
