DOCOMO Agrees with KT Corp. to Share Exchange and Exchangeable Bonds Acquisition
TOKYO, JAPAN --- NTT DOCOMO, INC. (DOCOMO) announced today that it has agreed with KT Corporation (KT) that DOCOMO will exchange its 10.72% stake in KT Freetel Co., Ltd. (KTF) for KT securities in relation to the merger between KT and KTF. The boards of directors of DOCOMO and KT have both approved the agreement, and the deal is expected to be finalized upon approval at shareholders meetings of KT and KTF, as well as completion of regulatory procedures in the near future. Under the plan, DOCOMO will exchange 40% of its KTF shareholding for KT common stock and the remaining 60% for KT exchangeable bonds.
KT will take over the Business & Technology Cooperation Committee, which DOCOMO and KTF formed when DOCOMO acquired a stake in KTF in December 2005. Through the committee the two companies have collaborated on the early implementation of a W-CDMA network in Korea and other successful initiatives, such as the joint procurement of handsets.
KT is Korea’s largest fixed-telecommunications operator and possesses strong R&D capabilities, high-quality networks and nationwide sales channels. KT will now partner with DOCOMO to strengthen competitiveness and customer satisfaction by cooperating in the co-development of services for their respective mobile markets.
NTT DOCOMO is the world’s leading mobile communications company. DOCOMO serves over 54 million customers, including 47 million people subscribing to FOMA™, launched as the world’s first 3G mobile service based on W-CDMA in 2001. DOCOMO also offers a wide variety of leading-edge mobile multimedia services, including i-mode™, the world’s most popular mobile e-mail/Internet service, used by 48 million people. With the addition of credit-card and other e-wallet functions, DOCOMO mobile phones have become highly versatile tools for daily life.NTT DOCOMO is listed on the Tokyo (9437), London (NDCM) and New York (DCM) stock exchanges. For more information, visit www.nttdocomo.com.
FOMA and i-mode are trademarks or registered trademarks of NTT DOCOMO, INC. in Japan and other countries.
FOMA service is only available in Japan.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.