SK Telecom To Acquire Shares Of Siren Holdings Korea - Quick Facts

(RTTNews) - South Korean mobile carrier SK Telecom Co. Ltd. (SKM) said that its board of directors has resolved to acquire shares of South Korea-based Siren Holdings Korea Co., Ltd. or SHK, which wholly owns security service provider ADT CAPS Co., Ltd.

SK Telecom will acquire 740,895 shares of Siren Holdings for 702 billion Korean won, subject to purchase price adjustments as of the closing date of the acquisition. SK Telecom will hold a 55 percent stake in Siren Holdings following the acquisition.

SK Telecom noted that the acquisition of Siren Holdings will strengthen its security business and expand its residential customer base. The company resolved to secure the management rights of ADT CAPS by acquiring a stake in SHK, of which ADT CAPS is a wholly-owned subsidiary.

Although SK Telecom expects the closing date of the transaction to be within six months of the date of the acquisition agreement, the closing date is subject to change depending on when the closing conditions are met, including obtaining approval from the Korea Fair Trade Commission.