Money Sprint and T-Mobile end merger negotiations

07:40  05 november  2017
07:40  05 november  2017 Source:   Reuters

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FBN's Charlie Gasparino on a report that Softbank is calling off talks to merge Sprint and T - Mobile . Sprint Corp and T - Mobile USA Inc have ended merger negotiations , the companies said in a joint statement on Saturday.

SAN FRANCISCO (Reuters) - Sprint Corp and T - Mobile USA Inc said on Saturday that they officially broke off merger negotiations , ending months of back-and-forth talks that would have created the third-biggest U.S. wireless provider.

a close up of a sign: Smartphones with the logos of T-Mobile and Sprint are seen in front of a Soft Bank logo in this illustration© REUTERS/Dado Ruvic/Illustrations Smartphones with the logos of T-Mobile and Sprint are seen in front of a Soft Bank logo in this illustration

Sprint Corp (S.N) and T-Mobile USA Inc (TMUS.O) said on Saturday that they officially broke off merger negotiations, ending months of back-and-forth talks that would have created the third-biggest U.S. wireless provider.

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Sprint Corp

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SAN FRANCISCO (Reuters) - Sprint Corp and T - Mobile USA Inc have ended merger negotiations , the companies said in a joint statement on Saturday. The companies said they ended talks because they "were unable to find mutually agreeable terms."

It looks like T - Mobile ’s final offer to save its merger with Sprint wasn’t enough, because the companies have ended their negotiations . T - Mobile and Sprint announced today that they’ve ceased merger discussions after they were unable to find mutually agreeable terms.

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T-Mobile US Inc

TMUS

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Verizon Communications Inc

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Deutsche Telekom AG

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The announcement marks the latest failed attempt to combine the third- and fourth-largest U.S. wireless carriers, as Sprint parent SoftBank Group Corp (9984.T), and T-Mobile, controlled by Deutsche Telekom AG (DTEGn.DE), show unwillingness to part with their prized U.S. telecom assets.

The companies' unusual step of making a joint announcement on the canceled negotiations could indicate they still recognize the merits of a merger and could keep the door open for potential future talks.

The companies said they ended talks because they "were unable to find mutually agreeable terms."

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SAN FRANCISCO (Reuters) - Sprint Corp and T - Mobile USA Inc said on Saturday that they officially broke off merger negotiations , ending months of back-and-forth talks that would have created the third-biggest U.S. wireless provider.

Sprint and T - Mobile end merger negotiations . Stock Markets13 minutes ago (Nov 04, 2017 02:10PM ET). © Reuters. Smartphones with the logos of T - Mobile and Sprint are seen in front of a Soft Bank logo in this illustration.

A combined company would have had more than 130 million U.S. subscribers, behind Verizon Communications Inc (VZ.N) and AT&T Inc (T.N.).

John Legere, president and CEO of T-Mobile US Inc, said in the statement that the prospect of combining with Sprint was compelling but "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."

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." He said Sprint has agreed it is best to move forward on its own with "significant assets, including our rich spectrum holdings, and are accelerating significant investments in our network to ensure our continued growth."

The two companies came close to announcing a merger in 2014 but called it off at the last minute due to regulatory concerns.

Industry executives have said a combined Sprint-T-Mobile entity would have the scale, network and enhanced portfolio of wireless airwaves that could enable it to better compete with AT&T and Verizon on 5G, the next generation of wireless technology.

Legal experts also said earlier this year that it was difficult to predict whether the current administration would be more receptive of a deal. Industry executives have expressed optimism about the prospect of consolidation on earnings calls. But President Donald Trump has also made populist comments on antitrust and prioritized job creation as a key platform.

(Reporting by Liana B. Baker in San Francisco; Editing by Matthew Lewis)

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