Sprint Nextel (S) Says No To SK Telecom (SKM)

Another big Sprint Nextel scoop for WSJ’s Amol Sharma: the carrier reportedly turned down a $5 billion investment offer from Korean wireless giant SK Telecom and Providence Equity Partners, which would have installed former Sprint chairman Tim Donahue as CEO. Sharma (correctly) writes that the move would have been helpful for the struggling Sprint, whose chief Gary Forsee stepped down last month after another horrible quarter:

One benefit highlighted by the group was the fact that SK Telecom, South Korea’s largest mobile operator, sells some of the most innovative mobile phones in the world and is deploying its own version of the WiMax high-speed wireless technology that Sprint is also building out. The company has experience with the issues Sprint is likely to confront with that technology.

Does Sprint have a plan up its sleeve or will this turn out to be a boneheaded gaffe?

See Also: Sprint’s NFL Fumble
Why Google Won’t Buy Sprint Nextel

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