Harbinger seeks $1-$2 bln for wireless JV -WSJ

* To raise up to $2 bln for wireless network – WSJ

* In talks with Qwest, SK holdings

April 28 (BestGrowthStock) – Hedge fund Harbinger Capital Partners
plans to raise about $1 billion to $2 billion for a venture that
would provide a high-speed wireless network in the United
States, the Wall Street Journal said, citing people familiar
with the matter.

Harbinger is in talks with potential investors for the
venture, including landline phone company Qwest Communications
International Inc (Q.N: ) and SK Holdings Co (003600.KS: ), the
paper said.

Harbinger has appointed the former chief executive of France
Telecom SA (FTE.PA: ) mobile unit Orange, Sanjiv Ahuja, to head
the project, the paper said.

More consumers are unplugging their home phones and going
wireless, leaving telecoms companies like CenturyTel Inc (CTL.N: )
and its rivals to turn to mergers to support their long-term
viability.

CenturyTel said last week it would buy Qwest in a $10.6
billion stock deal, expecting the merger to help it to expand
services like broadband Internet and television, putting the
firm in a better position to compete against cable rivals.
[ID:nN22207937]

The paper, citing a person familiar with the matter, said
the Harbinger talks have taken longer than expected as it faced
obstacles such as disagreements over the size of investments,
equity stakes and composition of the board.

Harbinger plans to start offering the service in Phoenix and
Denver, on a trial basis, with a commercial launch before the
third quarter of 2011, the Journal said.

Harbinger, Qwest and SK Holdings could not immediately be
reached for comment by Reuters outside regular U.S. business
hours.

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(Reporting by Anuradha Ramanathan in Bangalore; Editing by
Rupert Winchester) (([email protected];
within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800:
Reuters Messaging: [email protected]))

Harbinger seeks $1-$2 bln for wireless JV -WSJ