Wireless carriers Sprint and T-Mobile called off a potential merger, saying the companies couldn't come to an agreement that would benefit customers and shareholders.
T-Mobile Chief Executive John Legere spoke with Sprint Chief Executive Marcelo Claure on Wednesday, after a T-Mobile board meeting in NY where directors agreed to renew their overtures to Sprint to keep the deal alive, the report said. Merger talks then seemed to break down, only to be revived again a couple days ago. Nonetheless, Claure said that "we have agreed that it is best to move forward on our own". "We know we have significant assets, including our rich spectrum holdings, and are accelerating significant investments in our network to ensure our continued growth".
This comes after Softbank reportedly torpedoed merger talks between Sprint and T-Mobile due to disagreements over how the combined company would be run.More news: National Football League awards keep piling up for rookie quarterback Deshaun Watson
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Sprint previously abandoned a bid for T-Mobile in 2014 when it became clear that the Obama administration would block the merger in order to preserve the competition created by having four major nationwide carriers. Claure, the Sprint CEO, is also a member of SoftBank's board. Sources had originally stated that Sprint made a decision to call off the acquisition because Deutsche Telekom was looking to get the majority of control over the entity resulting from the merger; though some Sprint executives were reportedly okay with this, others allegedly wanted more. But with the new Trump administration, it was thought regulators might be more relaxed about a merger.
Instead, Sprint CEO Marcelo Claure said today in a joint statement with T-Mobile, that even though no deal was reached, both Sprint and T-Mobile see the benefits to a combination of the two wireless operators. "We won't stop now".