Sprint is reportedly abandoning its plan to acquire T-Mobile. SoftBank its parent company has decided that it will be too difficult to win approval from regulators, says the WSJ.
For months Sprint had been working on a bid for T-Mobile—priced at about $40 a share, valuing T-Mobile at $32 billion—while studying regulatory opposition. Officials at both the Justice Department and the Federal Communications Commission had signaled early on they were happy with four major wireless carriers and feared further consolidation would harm consumers.
The WSJ also reports that Sprint is also expected to replace CEO Dan Hesse and will make an announcement on Wednesday.
The move did not have to do with last week's bid for T-Mobile by France's Iliad SA who offered $15 billion in cash for 56.6% of T-Mobile US at $33 per share. T-Mobile determined that the bid wasn't strong enough.
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Comments (4)
Comments are closed for this article.
0
Gabe - August 8, 2014 at 1:05am
I'm glad stupid Sprint didn't buy T-Mobile...
0
Tech Jedi - August 6, 2014 at 5:06am
It would have been great if the merger went through and Tmobile CEO took over. Sprint does not throttle unlimited data, they bought clearwire and Tmobile has GSM, international data/text, brilliant CEO. It would really force AT&T and Verizon to bring rates down and more services. Too bad :(
0
AppleGuy299 - August 6, 2014 at 3:35am
Ugh. Now I have to deal with sprint horrible coverage forever? It would have been great having T-Mobile with sprint, but the Government is stupid.
0
vix - August 8, 2014 at 5:09pm
you can move to t-mo anytime.. they buy out plans...
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