Sprint drops its T-Mobile acquisition bid; replaces CEO
According to a Reuters report, third-ranking US carrier Sprint - which is the property of Tokyo-based SoftBank Corp. - has abandoned its T-Mobile acquisition efforts, apparently due to the difficult challenge of getting the deal approved by regulators.
The report, citing an unidentified source 'familiar with the matter,' said that though Sprint and its rival T-mobile - the fourth-ranking US carrier - have not ruled out the possibility of a merger in the future, they have, as of now, reached the conclusion that the merger deal is not likely to get regulatory approval in present circumstances.
Sprint's move to abandon its pursuit of T-Mobile implies that the company's prolonged push to take over its smaller rival has come to an end. Sprint's parent SoftBank had been persisting with the T-Mobile acquisition efforts in spite of the fact that the regulators had indicated that they want to maintain four major carriers in the US wireless market.
Meanwhile, along with dropping the T-Mobile acquisition bid, Sprint has also reportedly replaced its CEO Dan Hesse, who had been steering the company since 2007. As per the Reuters sources, the announcement of the new CEO by Sprint will likely be made on Wednesday.
With the Reuters source having revealed that the new Sprint CEO will probably be an outsider to the company, unconfirmed reports have asserted that Sprint board member Marcelo Claure - founder and head of Miami-based Brightstar - will be appointed the company's new CEO.
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