Economy

Mobile, Sprint Close to Reaching Deal on Wireless Mega-Merger

Mobile, Sprint Close to Reaching Deal on Wireless Mega-Merger”

Shares in Sprint Corp rallied in pre-market trade following reports it is close to agreeing tentative terms of a deal to merge with T-Mobile.

Among details Faber cited was that Sprint's majority owner, SoftBank Group (9984JP), wants to have a hand in shaping the combined company.

The sources asked not to be identified because negotiations are confidential.

Both companies have fought to take on the two biggest USA wireless carriers, AT&T and Verizon Wireless - and by teaming up would represent a powerful No. 3 player in the mobile biz.

Final merger terms between T-Mobile and Sprint are expected to be reached by the end of October, Reuters reported, although it added that the deal could still fall through. Revenues would top $70 billion and, say analysts, there would be massive scope to cut costs. Meanwhile, T-Mobile's momentum over the last three years is undeniable, and Sprint continues to struggle to gain its financial footing even as it gains market share.

Faber relates that T-Mo's chief executive, John Legere, did not respond to a request for comment.

SoftBank founder Masayoshi Son abandoned an earlier attempt to acquire T-Mobile for Sprint in 2014 amid opposition from anti-trust regulators concerned that consumers could lose out.



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