Hanaro Telecom, the second largest fixed-line carrier in Korea, has unilaterally terminated an agreement to acquire Korea Thrunet’s outstanding common shares from Trigem Computer, Naray and their 6 affiliates. Korea Thrunet is a major provider of broadband Internet access services in Korea with 1,301,620 paying end-users as of 31-December-2002. On January 3, 2003, approximately 32% of Thrunet common stock was acquired by Hanaro and Hanaro issued convertible bonds to Trigem, Naray and their affiliates. In a statement, Thrunet said it had supported the acquisition agreement and regrets the sudden termination, but views this as the loss of just one option among several that the company has for its ongoing corporate restructuring.
http://www.thrunet.com
http://www.hanaro.com
- Hanaro Telecom reported 2,852,976 broadband subscribers as of the end of Q3, an increase of 4.6% from Q2.
