SoftBank to halt Sprint's T-Mobile merger talks, Nikkei says

Sprint has reportedly walked away from merger talks with T-Mobile

Shares in T-Mobile and Sprint s tumbled Monday as investors betting on industry consolidation-and higher cell-phone prices-bid down the two US laggards.

Softbank plans to break off negotiations on a merger of Sprint and T-Mobile US, the Nikkei reports.

Meanwhile, several members of SoftBank's board have raised concerns about giving up control of the United States wireless business, another person said. The company had initially been open to having T-Mobile's parent, Deutsche Telekom AG, control the combined entity, but SoftBank's board decided Friday not to surrender that power, the news outlet said. The decision was made 30 October to call the talks off, and Deutsche Telekom would be informed the following day, the report said.

The companies had been ironing out final terms of the merger in the hopes of announcing a deal mid to late this month, people familiar with the matter told Bloomberg last month.

Sprint's stock slumped 9.3 percent Monday. A completion of the takeover would have put SoftBank in control, and Deutsche Telekom as a minority shareholder. They were close to announcing a merger back in 2014 but due to some regulatory concerns, they chose to call it off. The merger was less critical for T-Mobile.

Sprint and T-Mobile have discussed a merger for years with many fits and starts, and it was unclear whether the companies will ultimately return to the table, the people said.

This actually isn't the first time that a merger between the two carries has failed. The companies had been hoping their chances would improve under a more business-friendly Trump administration.

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