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SKT seeks to Acquire US Telecom Giant Sprint Nextel

Discussion in 'Wireless News' started by ComicalMoodyDan, Jul 27, 2007.

  1. ComicalMoodyDan

    ComicalMoodyDan Gold Senior Member
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    SKT to Acquire US Telecom Giant Sprint Nextel

    A top executive of SK Telecom Co., South Korea's No. 1 mobile carrier, confirmed Thursday that it is seeking to take over U.S. telecom giant Sprint Nextel Corp., a local media report said Thursday.

    SK Telecom Vice Chairman Cho Jung-nam told an Internet news provider E-Daily that the company has pushed for the purchase of Sprint Nextel, and is still contacting related companies for the purpose. "(The negotiations) are still underway," Cho was quoted
    as saying.

    Sprint Nextel is one of the largest telecom operators in the U.S. with around 53 million customers. Its market capitalization is estimated at US$64.1 billion, according to industry sources.

    The confirmation comes weeks after SK Telecom denied a vernacular newspaper report on July 10 that it is in talks with private equity funds to buy the third-largest mobile service
    provider in the U.S. At the time, its spokespersons called the report "groundless" and "based on rumors."

    SK Telecom, which services more than half of South Korea's 40 million mobile service users, has been accelerating efforts to expand its presence in overseas markets to find new growth engines.

    Last year, SK Telecom set up a strategic alliance with China Unicom Ltd., China's No. 2 mobile operator, by purchasing $1 billion worth of its convertible bonds. Also, in Vietnam, SK Telecom expects it will attract more than 3 million users by the end of this year.

    However, the company has been struggling in the U.S. market as its joint venture "Helio" launched in May 2006 with local network operator EarthLink has failed to attract as many customers as it expected.

    The Helio service provides mobile communications service to local people based on borrowed networks from Sprint Nextel. According to recent data, the service has attracted around 100,000 customers in the U.S. since its launch.

    http://www.koreatimes.co.kr/www/news/nation/2007/07/123_7185.html
     
    #1 ComicalMoodyDan, Jul 27, 2007
  2. Etorres777

    Etorres777 Life is good for now..
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    Re: SKT to Acquire US Telecom Giant Sprint Nextel

    It's going to happen! :p
     
    #2 Etorres777, Jul 27, 2007
  3. TWX

    TWX Mobile Enthusiast
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    Wow, I didn't see that one coming.
     
    #3 TWX, Jul 27, 2007
  4. Matt

    Matt Twin girls!
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    Re: SKT to Acquire US Telecom Giant Sprint Nextel

    Keep in mind, no formal offer has been made (that we know of ) or agreed to and published, at this time. I modified the thread title slightly (Added "seeks") to emphasize that. I realize it's not the same headline as the link, but it's a bit more representative as the current public news.
     
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    #4 Matt, Jul 27, 2007
  5. Fire14

    Fire14 Easy,Cheap & Sleazy
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    I guess this post was true after all, even after they tried to deny it.

    http://forums.wirelessadvisor.com/wireless-news/63933-omg-sk-telecom-prepares-bid-buy.html

    That is if they do make a formal offer & if they do I bet Vodafone will be upset they didn't get AT&T Wireless even more so now.
     
    #5 Fire14, Jul 27, 2007
  6. TelcomJunkie

    TelcomJunkie Bad Handoff Investigator
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    I don't see how SKT taking out several times more their net worth (Even if it's including private investors) and turning it around quick enough to make a profit.

    Maybe I should send out a press release, I'm going to make a bid to buy Sprint Nextel. They can make bids all they want doesn't mean the shareholders will give them up at the price SKT offers.
     
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    #6 TelcomJunkie, Jul 27, 2007
  7. Fire14

    Fire14 Easy,Cheap & Sleazy
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    They may not be looking to turn around and make a quick profit off them, they could be looking at a long term investment & being a bigger world carrier like Vodafone & DT to name a few, we are growing into a global economy more & more every day, just look at how these companies that are in different countries are doing on their quarterly reports & how they are doing well oversea's vs here in the US & it goes around in cycles.

    Yes it doesn't mean the shareholders will give it up, but if they feel right now is a better time to take the money & run vs those that are in for the long term, they will vote for a buyout.
     
    #7 Fire14, Jul 27, 2007
  8. @TheRealDanny

    @TheRealDanny ALL IN
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    I know it's all a corporate game, but it's funny how one day they vehemently deny any takeover only to come out with an announcement like this.

    If it involves a change for the better, I welcome SK Telecom an entrance into the US. They do have A LOT of baggage in store for them though.
     
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    #8 @TheRealDanny, Jul 28, 2007
  9. Etorres777

    Etorres777 Life is good for now..
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    BIG TIME! I wish them the best of luck and maybe they can push for us to get nicer more high-tech phones.

     
    #9 Etorres777, Jul 28, 2007
  10. larry

    larry Sprint loyalist and former mod
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    Still not thinking this will happen. Remember all the talk about AT&T interested in making an offfer for Alltel? That fizzled right out. I think this is even less likely than AT&T buying Alltel.
     
    #10 larry, Jul 28, 2007
  11. strunke

    strunke .:|Always Covered|:.
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    I don't know, i don't think a vp ever came and said we are in negotiations, it was more rumor. I might be wrong i suppose....
     
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    #11 strunke, Jul 28, 2007
  12. hf1khal

    hf1khal Who am I to judge
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    Some how I think they might be buying and amount of 25% of the company and I doubt they could get the proer financing as this will end up to be a very high leveraged deal that could end up in shambles. Sprint still till now has not been able to shake the HL designation from it financial status.
     
    #12 hf1khal, Jul 29, 2007
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