Mobile companies Sprint and T-Mobile have officially ended merger plans, announcing jointly Saturday that both "companies were unable to find mutually agreeable terms" for a deal.
Sprint and T-Mobile's have abandoned discussions about a potential merger. "However, we have agreed that it is best to move forward on our own", said Marcelo Claure, Sprint's CEO.
T-Mobile USA and Sprint today finally gave a definitive answer about whether they will merge.
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"The prospect of combining with Sprint has been compelling for a variety of reasons, including the potential to create significant benefits for consumers and value for shareholders", said John Legere, president and CEO of T-Mobile US, in a prepared statement.
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The long-sought merger reportedly fell apart because SoftBank was unhappy with the latest terms, which would have given Deutsche Telekom majority ownership of both carriers. The company that has championed unlimited data is now introducing a new plan with unlimited talk, text, and no data. It ... If the companies had struck a deal this year, they would have had a better chance of getting government approval under the Trump administration. It slipped behind T-Mobile to become the country's fourth biggest mobile provider, and has a significant amount of debt. But no deal was announced immediately following the conclusion of a ban on merger talks in April that was associated with a US government auction of wireless airwaves.
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Bloomberg has reported that SoftBank CEO and Sprint chairman Masayoshi Son is still waiting on further talks with Deutsche Telekom to try and salvage the deal, but a New York Post story claims he is also holding high level talks with executives at Charter. But Washington regulators have frowned on a possible merger.
This isn't the first time Sprint has tried to acquire T-Mobile, and it may not be the last.
Legal experts also said earlier this year that it was hard to predict whether the current administration would be more receptive of a deal.
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