Sprint rejects investment offer from SK, Providence (USA)US mobile operator Sprint Nextel has rejected an offer from Korea’s SK Telecom and private-equity firm Providence Equity Partners to invest USD 5 billion in the company. Sprint’s former chairman Tim Donahue, who would have returned as CEO under the investment plan, made the proposal to Sprint’s board in a letter earlier this month, people familiar with the matter told the Wall Street Journal. No meeting with the potential investors was held. Donahue is the former CEO of Nextel, acquired by Sprint in 2004. Sprint is currently searching for a new CEO. A Sprint spokeswoman declined comment, while Providence Equity and SK Telecom didn’t respond to inquiries. SK Telecom is already part owner of Helio, a mobile venture with Earthlink that uses Sprint’s network.
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