LOS ANGELES–(BUSINESS WIRE)–Jan. 26, 2005–PGP Capital Advisors, LLC, a boutique investment bank specializing in middle-market and cross-cultural engagements, announced today that it acted as merger and acquisition advisor to EarthLink Inc. (NASDAQ: ELNK), one of the nation’s leading Internet service providers, on its newly announced $440 million joint venture with SK Telecom, Korea’s leading mobile communications company.
The joint venture, SK EarthLink, will become a nationwide mobile virtual network operator and offer an extensive array of mobile communications services and handsets to U.S. consumers.
“I believe our ability as a close-knit firm to straddle both sides of the Pacific, leverage our excellent relationship network and provide focused senior attention to cross-border banking sets PGP apart”
“This partnership represents the best marriage of American innovation and marketing savvy, with Korean cutting-edge technology and can-do spirit,” said Stewart Kim, managing partner of PGP Capital.
Mr. Kim believes the EarthLink/SK Telecom partnership is on the leading edge of a trend in which there will be more cross-border merger and joint-venture activity with Asian companies in the next three-to-five years.
“Clearly, the leadership at EarthLink saw that the Korea wireless market is more advanced than the U.S. in terms of technology, services and features demanded by subscribers,” said Mr. Kim. “SK Telecom in turn recognized the value of EarthLink’s highly regarded brand name and its large, tech savvy customer base. We anticipate that EarthLink’s bold initiative in teaming up with SK Telecom will reap considerable benefits for both parties for many years” he said…Read More