Sprint and T-Mobile abandon merger talks

05 November, 2017, 02:08 | Author: Randy Kelley
  • T-Mobile US CEO John Legere and his executive team announce Un Carrier 12.0 from the company's Bellevue

The wireless carriers "were unable to find mutually agreeable terms" and want to "put an end to the extensive speculation around a transaction", they said in a joint announcement.

Sprint CEO Marcelo Claure said in the statement that even though the companies could not reach a deal, "we certainly recognize the benefits of scale through a potential combination".

Shares of Sprint and T-Mobile tumbled Monday after rumors emerged that merger talks between the two companies were fizzling.

T-Mobile Chief Executive John Legere spoke with Sprint Chief Executive Marcelo Claure on Wednesday, after a T-Mobile board meeting in NY where directors agreed to renew their overtures to Sprint to keep the deal alive, the report said. However, we have agreed that it is best to move forward on our own. With its hoard of 2.5GHz high-frequency spectrum, Sprint would have been a ideal fit for T-Mobile and its cache of low-frequency airwaves in the 600MHz-700MHz bands.

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XAutoplay: On | Off SoftBank (SFTBY) Chief Executive Officer Masayoshi Son and Tim Hoettges, CEO of T-Mobile parent Deutsche Telekom (DTEGY), couldn't resolve how to share control of the combined company over dinner Friday night in Tokyo, people familiar with the matter said. The decision to call off merger talks came after a meeting involving the heads of all four companies, according to The Wall Street Journal. A merged T-Mobile-Sprint would have been a major challenger to number two AT&T, and could have given Verizon a run for the top spot in a few years. Claure, the Sprint CEO, is also a member of SoftBank's board. If the companies had struck a deal this year, they would have had a better chance of getting government approval under the Trump administration.

Son met with Trump the month before he took office to talk up an investment in USA businesses.

T-Mobile, meanwhile, has provided Deutsche Telekom with growth at a time when the European market has been stagnant.

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