Pantech&Curitel Communications, Inc. - an affiliate of Pantech, one of the world leading mobile communications groups - has announced that it has reached an agreement with SK Telecom to acquire 60% of the shareholding of SK Teletech.

The transaction is part of a major global strategic alliance between Pantech&Curitel and SK Telecom, under the terms of which the two companies will collaborate in joint research and development initiatives and will work together in the global expansion of their respective businesses into overseas markets, particularly the U.S.

Dr. Moon S. Song, President & CEO of Pantech&Curitel Communications, Inc., said:" I believe that there is a unique synergy between our two organizations. With export driven international experience on our side, and the largest mobile carrier in Korea on the SK Telecom side, this alliance will create both a new force in the global market, and a new business model in the international mobile communication industry"

The alliance means that Pantech - through its affiliates, Pantech&Curitel Communications, Inc. and Pantech Co., Ltd. - will deliver over 30 million handsets per annum, furthering its ambition of becoming one of the world’s top five handset manufacturers.

The strategic alliance between Pantech&Curitel and SK Telecom will involve a number of shared principles and objectives. The two companies will jointly develop futuristic, strategically targeted handsets through cooperative efforts in R&D, investment and product distribution.

Pantech&Curitel and SK Telecom will also work together on expansion into global markets, through shared market intelligence and product information. In addition, the two companies - while respecting existing business relationships with other entities - will seek to create economies of scale through integrated purchases.