Market observers project telecom behemoths KT, the top fixed-line carrier, and the primary wireless operator SK Telecom will follow up with large-sized takeovers or mergers.
SK Telecom is the parent company of SK Communications, while KT subsidiary KTH currently runs Paran, the Web portal that is struggling unsuccessfully to make its presence felt in the overheated local market.
``Through the acquisition of Empas, SK Communications gained a platform to compete with bigger players such as NHN and Daum Communications,’’ said Kim Kyung-mo, an analyst at Mirae Asset.
SK spent 37.2 billion won last week to buy a 24.4-percent share in Empas from the firm’s top executives.
In addition, the Seoul-based outfit agreed to purchase 45 billion won of convertible bonds that will be issued by Empas later. This will raise SK’s share to 43 percent.
``But the Empas platform is too weak to challenge the dominance of NHN. Eventually, SK will attempt to nudge past NHN in other segments like online shopping or game business,’’ Kim said.
Indeed, rumors are swirling that SK will try to take over G-Market, an open-marketplace firm for C2C trading, or Interpark, an online shopping mall for B2C transactions.
Kang Rok-hee, an economist at Daishin Securities, concurred.
``SK’s plan of challenging the business bellwether NHN with next-generation search solution is a long-term plan. In the short term, it will come up with other moves,’’ Kang said.
``Rumors have circulated that SK will try to takeover online shopping mall Interpark or gaming companies. These mirror the market’s expectations that SK will try to catch up with NHN,’’ he said.
NHN is Korea’s foremost Internet company operating Naver, the search portal that accounts for roughly three-fourths of the market, and game portal Hangame.
KT’s Plan
Lee Young-joo, an analyst at Prudential Securities, said SK’s next target would be corporations in China as the firm looks to make inroads there.
``SK has looking to enter the fast-growing Chinese market. Should it make a move, it will involve companies there,’’ Lee said.
Kim at Mirae projected KT also will look to mergers and acquisitions.
``KT will not sit idly by and watch SK Telecom’s affiliates rule in the potential-rich Internet and search business. It too will make a move in the not-so-distant future,’’ Kim said.
``KT is expected to seek contents providers that can benefit both of its next-generation businesses _ Internet portal and Internet protocol TV (IPTV),’’ he said.
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2006-10-24 오후 10:52:10
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