Chunghwa acquires 30 per cent of So-net; to subscribe to Senao shares (Taiwan)

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Chunghwa acquires 30 per cent of So-net; to subscribe to Senao shares (Taiwan)

April 15, 2009

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Taiwan's Chunghwa Telecom has acquired a 30 per cent stake in So-net Entertainment Taiwan, an internet service provider (ISP) and a subsidiary of Japan's Sony. According to the terms of the deal, Chunghwa will pay around $1.75 million for the stake, valuing the ISP at $5.8 million. The deal is an operational alliance intended to share Sonet's video distribution expertise to help Chunghwa achieve its goal of adding 550,000 new fibre optic subscribers in 2009. Meanwhile, Chunghwa Telecom has decided to subscribe to 48 million common shares issued by Senao International, its mobile phone and subscriptions distributor, in a private placement. The move will see Chunghwa Telecom's stake in Senao increase from 31.5 per cent to 40.8 per cent.