SK Telecom, South Korea’s largest wireless carrier, was selected on Wednesday as the preferred bidder for a controlling stake in broadband service provider Hanarotelecom, squeezing ahead of a consortium led by Macquarie Bank of Australia.

Goldman Sachs, the US investment bank which is handling the sale, confirmed that SK Telecom had won exclusive negotiating rights for the 38.9 per cent stake in Hanaro, valued at around $1.2bn, which is being sold by American International Group, TPG and TVG Capital Partners.