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

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.

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