Sprint Abandons T-Mobile Bid, Expected to Name New CEO
Sprint is abandoning its plan — at least for now — to acquire rival T-Mobile US and is also expected to replace CEO Dan Hesse as soon as tomorrow, according to sources familiar with the matter.
The move comes amid continued regulatory opposition to any deal that would see the U.S. wireless industry consolidate from four major players to three.
French carrier Illiad went public last week with a surprise $15 billion bid to acquire a majority stake in T-Mobile’s US operations.
A Sprint spokesman declined to comment.
With T-Mobile apparently off the table, Sprint and majority owner SoftBank will now need to figure out a way to reverse a wave of customer defections and hitches in the company’s efforts to upgrade its network. SoftBank acquired a majority stake in Sprint last year, outbidding Dish Network.
Sprint’s plan to abandon its T-Mobile bid was first reported by the Wall Street Journal.
More details to come.