Sprint reportedly proposes merger with Charter
Seeking an alternative to a deal with T-Mobile USA, Sprint Corporation has reportedly proposed a merger with rival telecommunications giant Charter Inc.
Speaking on the condition of anonymity, a person familiar with the matter revealed that Japan-based SoftBank Group Corp., which controls Sprint, has proposed a complex transaction that would create a new entity that would be controlled by SoftBank.
The sources added that there is no guarantee that Charter would also be interested in the proposed merger.
Sprint’s reportedly proposed merger with Charter has surfaced as its previously proposed merger deal with T-Mobile has thus far not come to fruition.
Earlier this year, Verizon Communications Inc. had also expressed interest in a takeover of Charter. However, the wireless carrier never officially revealed any such move.
In after-market trading, stock in Sprint gained 5.8 per cent, while Charter shares enjoyed a marginal increase in their market value.
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