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31 October 2017, 12:33 | Lionel James
Report: Softbank to nix pending Sprint and T-Mobile merger deal
While the telecom sector has shrunk overall in 2017, some analysts see a future for both T-Mobile and Sprint. The pair had reached a broad agreement to integrate T-Mobile and Sprint - the third- and fourth-largest carriers in the US - and were ironing out such details as the ownership ratio.
"Whether or not those issues on governance rise to the level of meaning the deal is off, is not clear", he added.
While merger talks have been underway for months, SoftBank board members raised their concerns in the last few days because it's now a make-or-break moment, with the sides very close to a deal, the person familiar with the matter said. T-Mo is also a little less bad, down $1.66, or 2.6%, at $61.30. According to the Japanese newspaper Nikkei, SoftBank and T-Mobile owner Deutsche Telekom couldn't agree on ownership terms for the combined entity.
Sprint's shares were down 9 percent at $6.36 and T-Mobile fell 4.3 pct to $60.35.
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SoftBank is expected to approach T-Mobile owner Deutsche Telekom as early as Tuesday to propose ending the negotiations. Or, Softbank could be hoping to revisit a potential merger should the carrier market change in a favorable way down the road.
Masayoshi Son, the founder and CEO of Tokyo-based telecom and Internet company SoftBank had always been looking for a deal to improve Sprint's position.
Sprint's stock fell as much as 11% in trading after the report. The merger discussions have gone through several fits and starts over a long period, and it's unclear whether the companies will ultimately return to the table, the people said.
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