On completion, the CSFB and Goldman Sachs led deal should not only rank as the largest equity transaction from Korea year-to-date, but also the second largest from Asia overall pending the successful completion of Bank of China's IPO.
The deal revives a plan to monetize a percentage of SK Corp's 32.5% stake in SK Telecom in order to reduce short-term debt at the parent. Having originally mandated an exchangeable last December, the transaction was pulled just before the imposition of a research blackout in January because SK Corp was not happy with the share price performance of its wireless operator, which had slid below its target price of Won290,000 to Won250,000.
At yesterday's close...
