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)
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.