Pacific LightNet Inc., a home-grown telecommunications company, is being sold to a group of local and Mainland investors.

In a Feb. 15 filing, Pacific LightNet asked the state Public Utilities Commission to approve the sale of its stock to SK Telecom Holdings LP.

The price was not disclosed.

Pacific LightNet said the buyers plan to keep its local management team and are looking to retain all 95 employees.

The company added that the deal will not affect rates for its business and residential customers.

"We're very excited to be able to have a group of investors on board who are committed to growing the company," said Pat Bustamante, Pacific LightNet's president.

"We're very enthused about what lies ahead."

Pacific LightNet is a Hawai'i-based company that provides local dial-up high-speed Internet and long-distance services. The company has 25,000 business customers and more than 6,000 Internet subscribers.

SK Telecom Holdings, which is not affiliated with the SK Telecom that is part of the South Korean conglomerate SK Group, is a Los Angeles company that includes private equity investors Peter and Robert Seidler.

The Seidlers, who are related to former Los Angeles Dodgers owner Peter O'Malley, are the founders of Seidler Equity Partners, which focuses on fast-growing, mid-sized companies.

The group also includes several local investors, said Bustamante. He declined to disclose their names.

Pacific LightNet said the deal will enhance its ability to win government contracts. Pacific LightNet currently has foreign investors, and as such faces a number of obstacles when bidding on government work.

Pacific LightNet's owners include NextNet Investments LLC of Washington state and Tomen Corp., which is controlled by Japan-based conglomerate Toyota Tsusho Corp.

Tomen and NextNet formed Pacific LightNet in 2001 when they acquired the assets of bankrupt GST Telecom Hawaii.

According to Pacific LightNet's PUC filing, Tomen is selling its stake because parent Toyota is looking to transition out of its U.S. investments. Through an irrevocable proxy, Tomen has the power to vote and transfer Pacific LightNet shares owned by NextNet.

Reach Rick Daysog at rdaysog@honoluluadvertiser.com.