Telekom Malaysia moves closer to securing majority stake in P1
Telekom Malaysia’s deal for a majority stake in local WiMAX network operator Packet One Networks (P1) has reportedly received approval from the shareholders of Green Packet.
The deal, which was announced in March, will see Telekom Malaysia invest up to $107 million in P1, as well as $64 million to acquire exchangeable bonds from Green Packet.
The move will see Telekom Malaysia also form a strategic partnership with SK Telecom; another key investor in the P1, to develop LTE infrastructure and services. P1 owns valuable wireless spectrum - including 30MHz in the 2300MHz band - and was one of the eight companies to be awarded with 20MHz of the 2600MHz spectrum suitable for 4G last year.
The deal is expected to close in Q3.