Actionable news
All posts from Actionable news
Actionable news in S: SPRINT CORPORATION,

SoftBank Calls Off Negotiations of Sprint, T-Mobile Merger - Report

SoftBank Group Corp. (SFTBF) has reportedly called off negotiations to merge its subsidiary Sprint Corp. (S - Get Report) with T-Mobile U.S. (TMUS - Get Report) , according to a report in the Nikkei Asian Review.

Failure to agree on ownership of the combined entity forced SoftBank to halt deal talks. The Japanese technology giant had hoped a merger would refocus Sprint in the American wireless carrier business.

According to the Nikkei, SoftBank is expected to approach T-Mobile owner Deutsche Telekom as early as Tuesday, Oct. 31, to officially propose calling off the deal. The two firms had previously reached a deal that would have combined the third- and fourth-largest U.S. carriers, but were still discussing ownership ratio details.

Deutsche Telekom had insisted on a controlling stake, an insider told the Nikkei, while some at SoftBank were open to such an agreement so long as the company reserved some influence. At a SoftBank board meeting Friday, leaders confirmed they were unwilling to cede total control.

Shares of Sprint were halted on a volatility trading curb before falling nearly 9% to $6.37 in early afternoon trading. T-Mobile shares were lower 4% to $60.42.

More of What's Trending on TheStreet: