Hanaro Company Description
Hanarotelecom is scrambling to ease the last-mile bottleneck in the South Korean landscape. Formed in 1997 as Hanaro Telecom by seven conglomerates to take on former monopoly KT Corp, it remains Korea's primary alternative local-exchange carrier. But it has seen better luck as the #2 broadband carrier (KT is #1). US-based insurer AIG and Newbridge Capital acquired a 40% controlling stake in the company in 2003 in a deal valued at about $1.1 billion in cash and loan guarantees. The company changed its name in 2004 and bought Korea Thrunet in early 2005. In 2007 hanarotelecom agreed to sell a controlling share to SK Telecom, the largest wireless carrier in South Korea, for $1.2 billion.
View the Comprehensive Company Description for Hanaro
The Company Description provides a historical perspective of Hanaro's organization from inception to current status.
Produced by Hoover's in-house editorial team, the Company Description tracks ownership transitions, company progress via mergers and acquisitions, major growth milestones, and strategic initiatives, to provide a holistic view of Hanaro's evolution in the marketplace.
