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By Mike Caggeso
The companies targeted the TV operator position because of South Korea' sturdy and growing economy, which is quickly developing a taste for digital and broadband TV services, Reuters reported.
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The Korea Broadcasting Commission approved the transaction in late February.
C&M has more than 2 million cable TV subscribers, accounting for more than 40% of South Korea' population, the companies said in a joint statement.
However, the country has about 100 cable operators. And analysts expect regulations for operators' coverage to ease, which would make it easier for investors such as MBK and Macquarie Group to gobble up more of the market, Reuters reported.
At the minimum, Macquarie would be a likely candidate for more South Korea investments.
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Why South Korea is set to Become the Biggest Economic Story of 2008