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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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.
More details at the link below...
Read More