SK Telecom in $1 Billion ADS Offering
August 5, 2005
Cleary Gottlieb represented ABN AMRO Rothschild LLC, Merrill Lynch and SK Securities Co., Ltd. in the sale by Momenta (Cayman), the selling stockholder, of $1.03 billion of American Depositary Shares (ADSs) representing common stock of SK Telecom Co., Ltd.
ABN AMRO and Merrill Lynch acted as representatives of the underwriters.
SK Telecom is Korea’s leading wireless telecommunications services provider and a pioneer in the commercial development and provision of high-speed wireless data and internet services. SK Telecom had approximately 19.2 million subscribers as of June 30, 2005 with a share of the Korean wireless market of approximately 51.1% based on the number of subscribers.