Virgin Mobile USA in 'strategic' talks with SK Telecom (AFP)
2008.05.14 -
Mobile Phones -
Source: RSS.NEWS.YAHOO.COM -
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13 minutes ago
WASHINGTON (AFP) - Wireless telecommunications group Virgin Mobile USA, Inc., said Wednesday it was holding "strategic" talks with SK Telecom, South Korea's biggest mobile phone group.
Virgin, one of the smaller telecom operators in the United States, said the talks were "in early stages," and that there was no guarantee that any deal or transaction would occur.
"Virgin Mobile USA will have no further comment unless a definitive agreement is reached," the mobile phone group said in a brief statement.
The US-based telecom group has over five million customers while SK Telecom pegged its subscriber headcount at over 22 million late last month.
Virgin Mobile USA is a joint venture of Britain's Virgin Group, which is run by British billionaire Richard Branson, and US telecommunications giant Sprint Nextel.
The company debuted its shares in a public share offering on the New York Stock Exchange in October of last year, raising 412.5 million dollars on the day of its initial public offering (IPO).
Its shares had rocketed 24 percent to 3.78 dollars in early afternoon trading.
Virgin Mobile USA markets mobile phones, wireless services, and pay-as-you-go calling plans to young people. Its phone services are provided by Sprint Nextel.
The company was launched in the United States in July 2002 and is based in Warren, New Jersey.
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