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CH99 | Heir
🕑 Added 2025-04-10 02:34:32 +0000 UTCThere were several ways to increase Taewoo Telecom’s market share.
The exclusive launch of Apple phones wouldn’t have an immediate impact.
After all, the only Apple phone available at the moment was the InoPhone 2.
If the iPhone were officially released, it would make a significant difference, but there was still time before that happened.
"What’s the current market share distribution among telecom companies?"
"KS Telecom holds 42%, Korea Telecom has 18%, and if we combine CL Telecom and Shinsae Telecom, we have about 27%."
Taewoo Telecom had quickly risen to second place in the industry.
However, the gap with the number one competitor was still a significant 15%.
Bridging this gap would require more than just aggressive marketing—it called for another merger and acquisition.
"Since we've merged the third and fourth-ranked companies, we just need to absorb the fifth as well."
"Are you considering Hansung PCS?"
"What’s Hansung’s market share?"
"13%. If we manage to acquire Hansung, our share will jump to 40%."
From what I recalled, Korea Telecom was the one that eventually acquired Hansung PCS.
That acquisition had solidified Korea Telecom’s position as the industry’s second-largest player.
"Let’s go after Hansung too. In a small country like South Korea, four telecom companies are excessive. Three seems like the perfect balance."
"Hansung won’t give in easily. As you know, it’s a subsidiary of Samjin Group. They’d rather seek help from Samjin than sell to us."
I was well aware of Hansung’s situation.
Because Wall Street was involved.
"If they won’t sell, we’ll take it from them. Hansung PCS has issued a large amount of corporate bonds, particularly convertible bonds, which they sold to investors in Wall Street and Canada."
"I wasn’t aware of that."
"If those bonds are converted into stocks, Canadian companies will hold 23%, Wall Street will have 15%, and Hansung itself will be left with only 16%."
"They issued that many bonds?"
"As long as they repay their debts, nothing will happen. But the maturity date is coming up soon. I doubt Hansung has the means to pay it back."
Even Samjin Group was struggling financially.
So it was even more doubtful that its subsidiary, Hansung PCS, had the liquidity to cover its debts.
"If we take over the Canadian and Wall Street-held bonds, we’ll control 38% of Hansung, making us the majority shareholder. Hansung will then have no choice but to sell its 16% stake to us."
"That makes sense, but securing those convertible bonds from Canada and Wall Street is the key."
"I can handle Wall Street. The issue is how to get the Canadian company's bonds."
The Canadian telecom company Bell Canada held ₩100 billion worth of convertible bonds.
With around ₩160 billion, I could acquire both Bell Canada’s and Wall Street’s bonds—it wasn’t an overwhelming sum.
Wall Street was easy—I could use my connections.
That meant I just had to convince Bell Canada to sell us their convertible bonds, and Hansung PCS would be ours.
"We need to send someone to approach Bell Canada."
"Taewoo Telecom can handle that."
"No, don’t. This kind of work requires a professional lobbyist to ensure results. I’ll contact someone I trust."
After dismissing the Taewoo Telecom president from my office,
I once again picked up the phone and called David.
[Boss! I was just about to call you. I’ve arranged a meeting with Secretary George Shultz.]
"You’ve been working hard. When’s the meeting?"
[I’ve scheduled the meeting for early next month.]
"Then we still have some time. In the meantime, take a trip to Canada."
[Canada? Do you mean Toronto? Or the capital, Ottawa? Where should I go?]
"Head to Montreal. There, you’ll meet with Bell Canada and negotiate the purchase of Hansung PCS's corporate bonds."
David paused for a moment.
Then, realizing something, his voice became noticeably excited.
[If it’s Bell Canada, I have connections. It was originally owned by an American telecom company before becoming independent. They still maintain close ties, so securing a deal shouldn’t be too difficult.]
"I didn’t know Bell Canada was originally an American company."
Things were unfolding more smoothly than expected.
So Bell Canada had once been under American ownership.
Even if they were independent now, some influence likely remained.
And with even the slightest opening, David’s skills would be enough to get the deal through.
[How much are Hansung PC’s convertible bonds worth?]
"A little under $100 million. You can offer a premium if necessary, but secure them quickly."
[If it’s around $100 million, lobbying expenses won’t be too high. Sounds like a perfect side project.]
"Oh, and Wall Street investment firms also hold some of Hansung PCS’s bonds."
[If it’s Wall Street, that’s even easier. Can I use your name for leverage?]
"Of course, as much as you need."
[Then I’ll purchase the Wall Street bonds today and wrap up the Bell Canada deal within the next week.]
David was brimming with confidence.
And for good reason—when it came to North America, there was hardly a better-connected lobbyist than him.
***
One week later
David called me again.
[I’ve secured all the convertible bonds from both Wall Street and Bell Canada.]
"Already? You said it would take at least two weeks."
[Things went smoother than expected. Turns out, the cousin of someone I’m close with is an executive at Bell Canada.]
David had managed to shave an entire week off the timeline.
So I decided to reward him for his efforts.
"I’ll make sure you get a hefty bonus. Director Han will take care of it."
[Bonuses are always welcome. Let me know whenever you need something else—especially if it’s in North America.]
Now that the groundwork was done, it was time for the final report.
I walked into the chairman’s office with the CEO of Taewoo Telecom.
My grandfather let out a deep sigh as soon as he saw us.
"What trouble have you caused this time?"
"The kind of trouble you’re going to love. We’re acquiring Hansung PCS. The groundwork is done—we just need to make the announcement."
"How much did you spend?"
“We spent less than 200 billion won.”
“You say 200 billion as if it’s a neighborhood puppy’s name. You make it sound way too easy.”
Although my grandfather’s words seemed like a rebuke, he was smiling.
200 billion won was undoubtedly a huge sum, but given Hansung PCS’s value, he knew it was a worthwhile investment.
“I’m confident we can extract more than 200 billion won from this deal.”
“So, what exactly do you plan to do after spending that much?”
“We’ve secured the convertible bonds issued by Hansung PCS. Once converted to shares, they will amount to a 38% stake. Hansung itself holds 16%.”
“So we’ll become the largest shareholder.”
“Once we acquire Hansung PCS, we’ll be able to close the market share gap with KS Telecom to within 5%.”
“So 7, 8, and 9 will all belong to Taewoo Telecom. Ha-ha-ha.”
Hansung PCS’s designated mobile number was 018.
With the acquisition, numbers starting with 7, 8, and 9 would all fall under Taewoo Telecom’s control.
Now, the only hurdle left was negotiations with the government.
If my grandfather, the chairman of the Federation of Korean Industries, stepped in, it would be an easy matter to resolve.
“We need government approval to proceed with the acquisition of Hansung PCS.”
“Director Kim worked hard to secure the shares, so the chairman should at least take care of that. I was planning to visit the Blue House next week anyway, so I’ll take care of it.”
My grandfather was even an economic advisor to the Blue House.
This often put him at odds with the president’s economic advisory team.
However, unlike in my previous life, my grandfather now ran a major conglomerate with zero debt—giving him the leverage to overpower the government’s economic aides.
Before my regression, things had been different.
The economic advisors had forced him out of influence.
But this time, that didn’t happen, and as a result, my grandfather had risen to become the government’s most trusted businessman.
“I’m a bit concerned that the Federation of Korean Industries might complain.”
“Some people are grumbling that Taewoo Group is acquiring too many companies. But I just let those words go in one ear and out the other. So don’t worry.”
My grandfather didn’t even flinch.
If there was anyone in Korea who embodied true grit, it was him.
“President Lee, your shoulders must feel quite heavy. If you want to win the battle for market dominance, you need to take care of your health. I’ll have some herbal medicine prepared for you—make sure to drink it and keep up your strength.”
“I will make Taewoo Telecom the number one company in the industry—without fail.”
I wanted to make Taewoo Group number one in every industry.
Automobiles, electronics, construction, and telecommunications.
Some sectors were already on the verge of reaching the top, and for the rest, I had plans to achieve first place within a few years.
Being number one.
More than the ranking itself, the image of being the best was what truly mattered.
Once a company established itself as the industry leader, any new venture it entered would grow exponentially.
Hansung PCS’s convertible bonds were successfully converted into common stock.
The process happened so swiftly that Hansung couldn’t even mount a proper response.
In an instant, Taewoo Group became Hansung PCS’s largest shareholder, securing management control.
From that point on, everything proceeded according to plan.
Hansung ended up selling its remaining stake to us, with a slight premium for management rights.
With the government's tacit approval, we were able to bring the 016 number under Taewoo Telecom’s umbrella.
With Taewoo Telecom’s growth foundation firmly in place, I finally had the breathing room to shift my focus elsewhere.
And the next industry I set my sights on was IT.
Our U.S. IT ventures were progressing through SAVE Investment, but our domestic IT operations were still underdeveloped.
With that in mind, I called Woo Sung-il, the president of Taewoo Electronics, to the planning office.
“How’s the IT division doing these days?”
“Our music streaming service is seeing a significant increase in subscribers every month, and we’ve just completed the development of our home trading system in collaboration with Taewoo Securities.”
“Sounds like most of our ongoing projects are wrapping up. That means it’s time to start something new.”
“Do you have a specific project in mind?”
“The government is rolling out policies to foster the IT industry, so we should take part as well. In particular, I’m thinking of investing in the gaming industry.”
At the mention of gaming, Woo Sung-il’s eyes widened in shock.
At this point in time, games were still widely considered nothing more than children’s toys.
“Do you believe there’s no money in gaming?”
“Well… Japanese electronics companies have ventured into the console market, but it’s quite different from IT.”
“Soon, the internet will give rise to a flood of online games. That means gaming will become an integral part of the IT industry.”
“Then… are you planning for Taewoo Group to develop games directly?”
“No, Taewoo Group isn’t in the business of creating games. Creative industries require creative minds. If we want to do it properly, we need to leave game development to the experts.”
“If not development, then what kind of business are you thinking of?”
“Game distribution.”
A completely new kind of game distribution business.
I envisioned a platform where players could purchase and enjoy a variety of games through a single client—a system unlike anything the industry had seen before.
Comments
Jayant Suthar
Yeah
Marius Arnesen
So he will create Steam?
