Wednesday, July 29, 2009

USA: SK Telecom is selling its stake in Virgin Mobile to Sprint

[afp] South Korea's top mobile carrier SK Telecom said Wednesday it planned to sell all its 15.3 percent stake in US-based wireless operator Virgin Mobile USA.

Sprint Nextel announced it will buy Virgin Mobile USA for 483 million dollars and absorb it.

"As Virgin Mobile is being absorbed by Sprint Nextel, we will be offered a 0.53 percent stake in Sprint Nextel," an SK Telecom spokesman told AFP.

"As this 0.53 percent stake will have no strategic significance, we plan to sell this stake," he said.

Local newspapers have said SK Telecom scrapped a plan to forge a business tie-up with Sprint due to a worsening business environment.

SK telecom to sell stake in US mobile company

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