Korea Telecom Higher on Microsoft Investment Report

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Korea Telecom's

(KTC)

American depositary receipts were trading higher in the premarket on a report

Microsoft

(MSFT) - Get Report

plans to buy a stake in the company.

According to the

Financial News

newspaper in Seoul, Microsoft plans to spend $600 million for a 5% stake in Korea Telecom, which is currently 40%-owned by the government. The companies reportedly plan various fixed-line and wireless agreements as part of the pact.

Korea Telecom ADRs recently were gaining 34 cents, or 1.6%, to $22.15 on Instinet. Microsoft was gaining $1.01, or 1.5%, to $66.80.