Sprint Drops Bid for T-Mobile – Reports
Sprint is dropping its potential $32 billion attempt to buy T-Mobile, according to reports late Tuesday.
The Wall Street is quoting sources saying that Sprint Corp. (NYSE: S) and SoftBank Mobile Corp. believe that the deal will not get US regulatory approval. The latest indication of this came this month Federal Communications Commission (FCC) suggested that it intended to block a potential joint attempt by Sprint and T-Mobile to buy spectrum at auction. (See FCC Could Block Sprint/T-Mobile Spectrum JV.)
Bloomberg is also tweeting that the deal is off and that Sprint CEO Dan Hesse may go as part of the fallout. A new CEO could be named as soon as tomorrow, according to Bloomberg.
We'll update you with more as this story develops.
Hey, remember when that other carrier tried to buy T-Mobile? (See T-Mobile Breakup Causes $6.7B Q4 Loss for AT&T).
— Dan Jones, Mobile Editor, Light Reading