South Korean operator SK Telecom and Deutsche Telekom held a town hall meeting on 24 June in Korea. The meeting was attended by around 100 executives from both companies including Park Jung-ho, CEO of SK Telecom, and Timotheus Hoettges, CEO of Deutsche Telekom, to discuss diverse 5G business strategies. At this meeting, SK Telecom and Deutsche Telekom agreed to establish a joint venture company to develop 5G services, including a 5G repeater and a 5G in-building service; a Multipath UDP for access management; and a MPEG Media Transport (MMT) technology for media streaming.
SK Telecom has also committed USD 30 million to DTCP’s USD 350 million Venture and Growth Fund II. DTCP is an investment management group with USD 1.7 billion assets under management and advisory from Deutsche Telekom and other corporate and institutional investors, and a portfolio of over 60 companies. The group is dedicated to providing venture and growth capital, private equity investments, and advisory services to the technology, media and telecommunication sectors. It operates and invests in Europe, the US and Israel.
In connection to SK Telecom investment, DTCP will open an Asian office in Seoul and work with SK Telecom to identify and foster investment opportunities in Asian technology comapnies.
Back in February, SK Telecom and Deutsche Telekom singed a MoU at the Mobile World Congress Barcelona 2019 to accelerate cooperation between the two companies. Since then, the two partners report they have been seeking technological partnership opportunities while evaluating diverse options to optimize their partnership, including joint participation in development, marketing, investment, and the establishment of a joint venture entity.
