Pacific LightNet Inc., a homegrown telecommunications company, has completed its sale to a group of local and Mainland investors.

The Public Utilities Commission had previously approved Pacific LightNet's application to transfer ownership to stock to SK Telecom Holdings LP. The transaction will not affect the company's service offerings to any of its customers, Pacific LightNet said. Service rates will also remain unchanged.

"Company management is excited to work with this experienced team of local and mainland investors who genuinely care about the customers we serve," explained Pat Bustamante, Pacific LightNet president.

Pacific LightNet was previously jointly-owned by a Washington-based telecommunications and real estate company, NextNet Investments, and TM Communications Hawaii LLC.

The company's first major product launch since the transaction has also become the state's first fully-managed and operated voice and high-speed Internet service called the "Hosted PBX System." This product makes it easier and more cost-effective for small and medium-sized businesses to receive multiple voice and data services over a single broadband connection.