Sci-tech

Sprint and T-Mobile end merger negotiations

Sprint and T-Mobile end merger negotiations

Both companies jointly said they couldn't strike mutually agreeable terms.

Sprint President and CEO Marcelo Claure said that "while we couldn't reach an agreement to combine our companies, we certainly recognize the benefits of scale through a potential combination". Seemingly, Softbank Group and T-Mobile's owner Deutsche Telekom were unable to agree on the ownership ratio for the partnership.

"We have been clear all along that a deal with anyone will have to result in superior long-term value for T-Mobile's shareholders compared to our outstanding stand-alone performance and track record", T-Mobile Chief Executive John Legere said.

But in a joint statement Saturday, Sprint and T-Mobile said they were calling off merger negotiations for the foreseeable future.

More news: Trump pushes "extreme vetting" in wake of attack

Reports from Japan earlier in the week claimed SoftBank, which owns Sprint, is set to pull the plug on a rumoured merger with Deutsche Telekom's T-Mobile over a dispute about who would control the combined company. With its hoard of 2.5GHz high-frequency spectrum, Sprint would have been a flawless fit for T-Mobile and its cache of low-frequency airwaves in the 600MHz-700MHz bands.

This is the second time the mobile carriers have attempted to join forces and failed.

With merger talk officially through, that means T-Mobile and Sprint will have to revisit their position in a marketplace where Verizon and AT&T dwarf their wireless subscriber totals.

The companies expected to have a better shot at the merger this year under the Trump administration. Softbank CEO Masayoshi Son personally approached Charter about a merger, and talks at this point are reported to be strictly exploratory and preliminary in nature, but include a number of higher-ups from both companies.


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