Sprint Abandons Plans to Purchase T-Mobile
Sprint is abandoning plans to purchase T-Mobile US, reports The Wall Street Journal. According to the site, Sprint and its parent company Softbank believe it would be too hard to gain regulatory approval for the deal, with Sprint planning to make an announcement on Wednesday.
Sprint Corp. is ending its pursuit of T-Mobile US, according to people familiar with the matter. The company and its parent, SoftBank Corp. decided it simply would be too difficult to win approval from regulators, the people said.
News that Sprint was working on a potential purchase of T-Mobile US first came in December of 2013, when The Wall Street Journal suggested Sprint was preparing a takeover bid. The deal, which could have been worth more than $20 billion, would have been subjected to significant regulatory scrutiny.
In fact, the United States Justice Department met with Sprint board members to discuss the deal and expressed concerns about the merger. U.S. antitrust authorities reportedly believe that having four national carriers is necessary to maintain a competitive market.
Japanese carrier Softbank purchased a 70 percent controlling interest in Sprint back in 2012, while T-Mobile is majority owned by German telecom giant Deutsche Telekom. According to Bloomberg, Sprint will also be announcing a new CEO as soon as tomorrow, as current CEO Dan Hesse is said to be out following the failed merger.
This is the second time a T-Mobile purchase has fallen through. AT&T previously attempted to acquire T-Mobile but the deal fell through after being blocked by Federal Communications Commission and the Department of Justice.
Popular Stories
An iPhone 17 announcement is a dead cert for September 2025 – Apple has already sent out invites for an "Awe dropping" event on Tuesday, September 9 at the Apple Park campus in Cupertino, California. The timing follows Apple's trend of introducing new iPhone models annually in the fall.
At the event, Apple is expected to unveil its new-generation iPhone 17, an all-new ultra-thin iPhone 17...
Apple and Samsung have reportedly issued cease-and-desist notices to Xiaomi in India for an ad campaign that directly compares the rivals' devices to Xiaomi's products. The two companies have threatened the Chinese vendor with legal action, calling the ads "disparaging."
Ads have appeared in local print media and on social media that take pot shots at the competitors' premium offerings. One...
Apple's cases for the iPhone 17 lineup will be accompanied by a new Crossbody Strap accessory with a unique magnetic design, according to the leaker known as "Majin Bu."
Apple's Crossbody Strap reportedly features an unusual magnetic design; it likely has a "flexible metal core" that makes it magnetic along its entire length. At the ends, "rings polarized oppositely to the strap close the...
Apple today announced its "Awe Dropping" iPhone-centric event, which is set to take place on Tuesday, September 9 at 10:00 a.m. Pacific Time. There are a long list of products that are coming, but we thought we'd pull out five feature highlights to look forward to.
That Super Thin iPhone - Apple's September 9 event will see the unveiling of the first redesigned iPhone we've had in years, ...
