Sprint, T-Mobile Fall On Report SoftBank To Break Off Merger Talks

Sprint, T-Mobile Fall On Report SoftBank To Break Off Merger Talks

Sprint, T-Mobile Fall On Report SoftBank To Break Off Merger Talks

The long-sought deal came back to life earlier this year, with T-Mobile CEO John Legere suggesting that a Sprint merger could be a "a potential future outcome" thanks to the softened regulatory environment under President Trump and the new head of the Federal Communications Commission.

The merger negotiations to combine Sprint and T-Mobile are in jeopardy, according to a Nikkei report Monday. SoftBank is reportedly expected to propose to Deutsche Telekom on Tuesday that they end negotiations.

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T-Mobile has more than ten million additional phone subscribers in the United States compared to Sprint so the assumption was that T-Mobile's parent company Deutsche Telekom would primarily own the combined entity.

Several SoftBank directors raised strategic concerns in the Friday meeting about not owning or controlling a wireless network in the US, though it wasn't clear whether the board had chose to call off the talks, a person familiar with the matter told Bloomberg News on Monday. The decision was made Monday to call the talks off.

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The due diligence between T-Mobile and Sprint was nearly complete and the focus had shifted to working out a business plan for the combined company as well as an integration strategy, sources had told Reuters last week.

SoftBank looked into buying T-Mobile as far back as 2014, but backed down after telecom regulators made it clear they would block any acquisition of the fourth-largest U.S. carrier. Representatives from SoftBank and T-Mobile could not be immediately reached for comment. T-Mobile shares were down 3 percent.

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Sprint plunged 8% to 6.45 on the stock market today.

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