Sprint Nextel bid talk 'groundless' says SK Telecom
South Korea's SK Telecom Co. Ltd. denied on Tuesday a local newspaper report that it is preparing a bid for Sprint Nextel Corp.
"It's a groundless rumor," said Im Igsoon of the company's investor relations department.
Earlier the same day the Korean Economic Daily reported that SK Telecom has been talking with several global equity funds since earlier this year about funding a takeover of the U.S. carrier.
SK Telecom is South Korea's leading cell phone carrier and holds more than half of the country's cellular market of about 40 million subscribers.
Most of SK Telecom's customers are on its CDMA (code division multiple access) network although it is currently launching a nationwide network based on the competing WCDMA (wideband CDMA) technology. Sprint Nextel uses a combination of CDMA and a proprietary network technology called iDEN (integrated enhanced digital network).
In January 2005 SK Telecom partnered with Internet service provider Earthlink Inc. to launch a mobile virtual network operator called Helio. The carrier hasn't performed to expectations and continues to lose money. It's current goal is to attract 250,000 subscribers by the end of the year and 3.3 million by the end of 2009.
SK Telecom has also targeted China and Vietnam with overseas investment. Last year it spent about US$1 billion on bonds in China United Telecommunications Co. Ltd. (China Unicom), China's number two cellular carrier.
IDG News Service
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