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Sprint Nixes Investment Bid from SK Telecom

Nov 29, 2007, 4:21 PM by Eric M. Zeman
updated Dec 11, 2007, 10:03 AM

Before the Thanksgiving holiday, SK Telecom and private equity firm Providence Equity Partners offered to invest $5 billion in Sprint. The terms of the proposal would have had former Nextel CEO Tim Donahue return to helm the company. Donahue planned to bring in an entirely new management team. Sprint turned down the offer without discussing the proposal with SK Telecom or Providence Equity Partners. Sprint and SK Telecom have several things in common. SK Telecom is a CDMA carrier in the middle of deploying a WiMAX network of its own, just as Sprint is doing. SK also owns a majority stake in Helio, another US CDMA carrier.

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Comments

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This forum is closed.

Cellenator

Nov 29, 2007, 4:32 PM

OMG how stupid can sprint get!!!!

They get an offer from SK to invest 5 bil, and retarded sprint says no thanks 😳

Tim Donahue could have put them back on track, wow only sprint 🙄 🙄 🙄

jsaavedr1

Why are you seriously hating Sprint? They must have a good reason why they did not want the money or the investment. What makes you think Donahue will pull Sprint to its heyday? I seriously think Saleh is doing a damn good job and I hope he makes t...
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beeferjay

you'd be suprised

dublea

Ok people, the problem with Sprint is the customer service... one CEO isn't going to change that. Sprint declined because they want a totally NEW management team, as per the article.

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knx2

Nov 30, 2007, 7:44 PM

This decision was for the best!

No company would turn down 5 billion dollars without good reason.
Sprint read the proposal and decided not to even comment on to why to turn it down. That reason alone should tell you it must have been a horrible idea.
I bet SK Telecom wanted to change the name of Sprint, cut employees, etc.
Good move Sprint!
Sprint will turn things around with thier 4g n etwork im sure 😉

DJOlde

Five billion dollars? That is chump change. Sprint is worth $45 billion right now. Which director in their right mind would vote to give that company away for 5 billion? What a joke!

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