Lucent to invest US$120M in Korean ISP Hanaro Telecom

High-speed Internet serviceprovider Hanaro Telecom said Monday that it will receive aninvestment of US$120 million from Lucent Technologies.SEOUL, 22 May 2000 (Asia Pulse) - Hanaro and Lucent recently signed a memorandum ofunderstanding to set up an ultra high-speed Internet networkand will strike an investment agreement of vendor financingworth US$120 million.

High-speed Internet service provider Hanaro Telecom said Monday that it will receive an investment of US$120 million from Lucent Technologies.

SEOUL, 22 May 2000 (Asia Pulse) - Hanaro and Lucent recently signed a memorandum of understanding to set up an ultra high-speed Internet network and will strike an investment agreement of vendor financing worth US$120 million.

Under the agreement, Hanaro will receive the investment and technology assistance from Lucent, which will own the rights to provide Hanaro with related equipment in return.

"The agreement laid ground for early establishment of an ultra high-speed Internet network in 79 local cities by the end of this year," a Hanaro official said.

Early this year, Hanaro secured investment of US$100 million from Hewlett-Packard for the Internet Data Center (IDC) project.

Lucent is a telecommunication equipment supplier, manufacturing wired and wireless communication systems and applications, data networking systems, public communication networks and telephone systems for businesses.

www.zdnetasia.com
South Korea's Hanaro Telecom & TongYang set up cyber bank

Newsletters

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All