[by Rafat Ali] You read it here first: Helio, the Earthlink and SK Telecom 50:50 MVNO joint venture, which just launched last week, has sold one percent stake to an outside investor, according to a buried detail in Earthlink’s 10-Q, filed last week.
SK and Earthlink’s stake now stands at 49.5 percent each, but their respective voting interest remains at 50 percent. The name of the one percent investor was not disclosed, but we’ll find out and let you know.
If this is an indication of SK/Earthlink’s willingness, I would not be surprised to see other investors in Helio down the line…
Also from 10-Q, the investment numbers again: Together both invested an aggregate of $166.0 million of cash and non-cash assets in March last year, invested an aggregate of $78.0 million of cash in August 2005, invested an aggregate $79.0 million in February 2006 and have committed to invest additional cash of $78.0 million in August 2006 and $39.0 million in 2007. During February 2006, Earthlink contributed $39.5 million of cash in HELIO.
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