South Korean digital satellite broadcasting provider KT Skylife Co. Ltd. agreed to fully acquire Hyundai HCN Co. Ltd. and Hyundai Media Co. Ltd., according to an Oct. 13 filing.

KT Skylife will buy cable TV operator Hyundai HCN for 491.1 billion South Korean won, or about $427.3 million. The KT Corp. unit will also acquire Hyundai Media, which specializes in broadcast program production, for 29 billion won, or about $25.2 million.

The transactions are expected to be completed July 30, 2021, subject to change.

The Hyundai HCN acquisition needs approval from regulators such as the Korea Communications Commission and the Korea Fair Trade Commission, according to S&P Global Market Intelligence data.

KT Skylife emerged as the preferred bidder to acquire Hyundai HCN, with South Korea's Ministry of Science and ICT granting approval to proceed with the deal. Rival bidders for Hyundai HCN included SK Telecom Co. Ltd. and LG U+.

KT is also reportedly considering buying cable operator D'Live Co. Ltd.

As of Oct. 13, US$1 was equivalent to 1,149.18 South Korean won.