South Korean Telco to buy Sprint - Ant swallows cow

By Dave Murray @ Wednesday, July 16, 2008 6:04 PM

Section - Telecoms/Mobile

South Korea's SK Telecom has been named as a potential suitor for the struggling US wireless carrier Sprint Nextel.

It will take weeks to hammer out a deal, but CNBC, with its inside sources, is fairly certain a deal will go ahead. SK Telecom has admitted it is considering various business opportunities in overseas markets, including the U.S. However it had no comment at the moment. Sprint also refused to comment.

CNBC claims that private-equity firms would provide financing for the deal, since SK Telecom has only half the market value of Sprint. While Sprint has been losing subscribers for some time, it is still the third-largest wireless carrier in the US. X

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