Economy

Sprint, T-Mobile Break Off Merger Talks

Sprint, T-Mobile Break Off Merger Talks

According to the report, the giant Japanese technology company ended its effort to become a major player in the US wireless market after Sprint and T-Mobile were unable to agree on how ownership of the new company would be structured.

Shares of Sprint and T-Mobile tumbled in midday trading Monday after reports that their widely rumored merger talks may be ending.

SoftBank Group Corp's 9984.T board of directors is having doubts about the merger it has been negotiating between its USA wireless subsidiary Sprint Corp S.N and T-Mobile US Inc TMUS.O , due to fears of losing control of a combined entity, a source familiar with the matter told Reuters on Monday.

The report indicates that SoftBank will end the merger process as soon as tomorrow, October 31. Since T-Mobile is doing much better than Sprint numbers-wise, T-Mobile owner Deutsche was looking for a majority stake.

Sprint and T-Mobile previously gave up an attempt to merge in 2014 due to concerns about regulatory challenges from the Obama administration. The two companies have been in talks for months, and Softbank had hoped to combine the two companies as early as 2013.

More news: Sony announces the mid-range Xperia R1 and Xperia R1 Plus

The Wall Street Journal is also reporting that SoftBank may back down.

A few weeks later, T-Mobile CEO John Legere said he was open to "various forms of consolidation" when asked about a potential merger with Sprint and SoftBank under the Trump administration.

Deutsche Telekom and T-Mobile declined to comment.

A merger between Sprint and T-Mobile would have created a company with more than 130 million USA subscribers, just behind Verizon Communications Inc VZ.N and AT&T Inc T.N .


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