16
Jul
08

SK Telecom Corp. in talks to buy Sprint Nextel Corp

SprintSouth Korea’s SK Telecom Co. is preparing to bid for Sprint Nextel Corp. the No. 3  U.S. wireless company, and is talking with global private equity funds about a joint bid, a local newspaper said on Tuesday.
The Korea Economic Daily reported brokerage sources as saying SK Telecom, South Korea’s top mobile phone operator, has been contacting several funds since the first half of 2007 to help finance a takeover.
An SK Telecom executive said the report was “groundless” and that the company is not considering a hostile takeover of Sprint Nextel.
Sprint Nextel is valued at about $62 billion on the New York Stock Exchange, while SK Telecom’s market capitalisation is around $18 billion.

 

The latest rumor can be found here: Reuters Article

Special thanks to MHearld81 for posting this


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