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SK Telecom, whose clients account for more than half of South Korea's 40 million mobile users, has been in talks with the No. 3 mobile firm in the U.S. over a possible business alliance agreement since late 2007.
"In the wake of global financial turmoil, the investment climate has deteriorated both at home and abroad," an SK Telecom official said, asking not to be named.
Despite the break-up of the deal, SK Telecom has not ruled out the possibility of seeking overseas acquisitions or stake purchases, the official said.
"We are closely monitoring market conditions and seeking further opportunities to tap overseas markets, as we see the financial crisis as another opportunity," he said.
In July, both companies denied a report that SK Telecom was seeking to buy a major stake in the U.S. telecom company.
SK Telecom has been accelerating efforts to expand overseas to find a new growth engine, without a breakthrough. In late June, the company sold its stake in Helio, a 50-50 U.S. joint venture with broadband operator EarthLink, for US$39 million.
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