Sprint shelves T-Mobile acquisition plans; replaces CEO Dan Hesse
In an official announcement made on Wednesday, August 6, US wireless carrier Sprint said that it has shelved its plans to acquire smaller rival T-Mobile. In addition, Sprint also said that it is replacing its CEO Dan Hesse.
The announcement by Sprint about its abandoned pursuit of T-Mobile came two days after the Federal Communication Commission (FCC) opposed the plans of the two carriers to jointly bid on wireless spectrum in a 2015 auction.
The FCC's resistance to Sprint's and T-Mobile's joint bid on wireless spectrum implicitly implied that the merger of the two carriers will apparently not received the approval of the federal regulators.
Meanwhile, along with shelving its plans to acquire T-Mobile, Sprint has also revealed in its August 6 announcement that it is dumping its CEO Dan Hesse who was supposedly behind the merger deal.
To replace Hesse, Sprint and its parent company SoftBank have reportedly zeroed in on Marcelo Claure, who presently the CEO of Miami-based cell phone distributor Brightstar, which was acquired by SoftBank last year.
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