US mobile operator Sprint Nextel has decided not to submit a bid to acquire smaller rival MetroPCS, according to reports citing people familiar with the matter.
The deal, valued at around US$8bn including debt, would have seen the US’ third…
US mobile operator Sprint Nextel has decided not to submit a bid to acquire smaller rival MetroPCS, according to reports citing people familiar with the matter.
The deal, valued at around US$8bn including debt, would have seen the US’ third largest operator, Sprint, and number seven MetroPCS merge their operations.
It would have represented a 30% premium on MetroPCS’ shares last week.
Expected to be announced on 24 February, the transaction was cancelled after Sprint’s board reportedly decided in a meeting on 22 February that the timing was not right for a bid.
In late 2011, number two AT&T was forced to drop its bid to acquire number four T-Mobile USA for US$39bn following increased pressure from regulators.
