The proposed sale, which is expected to take 12 months to complete, and which is expected to see extensive federal oversight. was set at $39 billion in cash and stock.
Mead, speaking to Reuters ahead of the 2011 CTIA Wireless Conference, said,
"We're not interested in Sprint. We don't need them."The CTIA conference takes place in Orlando, FL, this week.
Sprint had been bidding for T-Mobile USA itself, it was said, but was outbid by AT&T. Sprint firmly opposes the merger, saying it would "result in a wireless industry dominated overwhelmingly by two vertically-integrated companies that control almost 80 percent of the US wireless post-paid market." Sprint CEO Dan Hesse said:
"I do have concerns that it would stifle innovation and too much power would be in the hands of two.With Verizon passing on a Sprint acquisition, it's unclear what Sprint's future may be. Some speculation is that Sprint will try to acquire a few smaller carriers, like Metro PCS.