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With the US dollar devalued internationally, foreign investors are finding many opportunities to buy up struggling US companies.

NEW YORK (AP) — South Korea’s SK Telecom Corp. is in talks to buy struggling U.S. wireless carrier Sprint Nextel Corp., business news channel CNBC reported Tuesday

An agreement would be at best weeks away, CNBC said, citing people familiar with the talks.

Sprint shares closed down 4 percent at $7.94 after initially spiking on the report.

U.S.-listed shares of SK Telecom, Korea’s largest mobile-phone service operator by subscriber numbers, fell 2 percent to $20.67.

Sprint spokesman James Fisher had no comment on the report. No SK Telecom representatives were available in the early morning hours, Korean time.

CNBC reported that private-equity firms would provide financing for the deal, since SK Telecom’s market value is about half of Sprint’s $22.6 billion.

Sprint has been losing subscribers for some time, but it’s still the third-largest wireless carrier in the U.S., with 52.8 million subscribers at the end of the first quarter. Its stock has lost half its value in the last year, and there have been reports that the company has been talking to other possible acquirers, like T-Mobile USA.

Link: http://www.baynews9.com/content/26/2008/7/15/365394.html?title=CNBC:%20Korean%20carrier%20in%20talks%20to%20buy%20Sprint

http://www.sktelecom.com/

http://www.sprint.com/index.html?brand=Nextel

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