Sprint and T-Mobile have reportedly broken off merger talks, unable to agree upon terms of ownership for the combined wireless giants, according to reports.
Sprint and T-Mobile have been in talks for months concerning a merger that would combine the third and fourth largest wireless companies in the country. According to reports by the Wall Street Journal and the Nikkei Asian Review, Sprint parent Softbank and T-Mobile parent Deutsche Telekom were moving toward a transaction but couldn't agree on ownership terms.
According to the Journal, the two were discussing an all-stock deal that would give Deutsche Telekom control, but over the weekend Softbank’s board of directors balked.
Sprint and T-Mobile could not be reached immediately for comment.
T-Mobile shares dipped nearly 5% ($3.02) in afternoon trading to $59.92 each while Sprint shares fell more than 9% (64 cents) to $6.35 per share.
Dish Network -- a former Sprint suitor that some believe could make another run for the company – was the big gainer, rising 4% ($1.83 each) to $48.32 per share.