SK Telecom takes controlling stake in Helio

SK Telecom has invested $70 million into Helio. This past July both SK Telecom and Earthlink had pledged to invest “up to $100 million each to help their loss-making mobile joint venture.” In September SK Telecom also agreed to pledge up to an additional $200 million to expand Helio’s customer base.

“With this additional injection, SK’s share in Helio will become higher than Earthlink’s and it will gain controlling rights in the company.”

In total Earthlink has agreed to pledge up to $100 million and SK Telecom has agreed to pledge up to $300 million, however at this point SK is the first and only to give up the money. With a sizable amount of money waiting for Helio, it should be interesting to see what they can do with it.

Read [PhoneScoop]