Sprint merger talks are over

Sprint merger talks are over

Sources claim T-Mobile CEO John Legere reached out to Sprint's CEO Marcelo Claure following a T-Mobile board meeting held to decide whether the carrier would attempt to revive the deal. Neither Sprint nor T-Mobile immediately replied to requests for comment by CNNMoney.

Claure said in August that while Sprint could sustain itself, cost savings from a transaction were significantly better than remaining a standalone entity. Initially, the merger seemed to be a done deal. The company had eyed the Deutsche Telekom company as a way to grow its own footprint in the USA and take on the two big carriers in the nation, AT&T and Verizon. "However, 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".

Failure to clinch an agreement leaves SoftBank CEO Masayoshi Son, a dealmaker who raised close to $100 billion for his Vision Fund to invest in technology companies, with the need to find another option for Sprint.

T-Mobile US Inc. and Sprint Corp. were reportedly on the verge of inking a deal in September, but rumors have been swirling over the last couple of weeks that negotiations had stalled.

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But in a joint statement Saturday, Sprint and T-Mobile said they are calling off merger negotiations for the foreseeable future. Earlier reports indicated that Deutsche Telekom would own a majority stake of the combined company if a merger was completed.

The companies expected to have a better shot at the merger this year under the Trump administration.

Sprint "look [s] forward to continuing to take the fight to the duopoly and newly emerging competitors", Claure said. Both Sprint and T-Mobile said they were open to exploring other options. "We won't stop now".

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