Mobile reportedly makes Sprint new offer in an effort to save merger

05 November, 2017, 01:37 | Author: Lorena Waters
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Sprint Corp and T-Mobile US Inc said on Saturday they have called off merger talks to create a stronger USA wireless to rival to market leaders, leaving No. 4 provider Sprint to engineer a turnaround on its own.

The chief execs of Sprint and T-Mobile both said they still see the benefits of combining but indicated the talks broke down over financial terms. "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", said John Legere, president and CEO of T-Mobile US, in a prepared statement. With its hoard of 2.5GHz high-frequency spectrum, Sprint would have been a flawless fit for T-Mobile and its cache of low-frequency airwaves in the 600MHz-700MHz bands. "However, we have agreed that it is best to move forward on our own", said Marcelo Claure, Sprint's CEO.

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But Sprint stock stumbled Monday after a news report that its parent company, the Japanese conglomerate SoftBank, called off talks with T-Mobile about the possible merger. SoftBank founder and CEO Masayoshi Son reportedly did not want to give up control of Sprint. But T-Mobile lobbed in a last minute counter offer and there was hope again that a deal could be salvaged. Earlier reports indicated that Deutsche Telekom would own a majority stake of the combined company if a merger was completed. If the companies had struck a deal this year, they would have had a better chance of getting government approval under the Trump administration. Both Sprint and T-Mobile said they were open to exploring other options.

It is still possible that Sprint will reject the new terms or decline investing any more effort into the potential merger.

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