Japan’s SoftBank Group Corp (TYO:9984) is planning to increase its stake in US subsidiary Sprint Corporation (NYSE: S), it has emerged.
It comes after news on Saturday that Sprint and T-Mobile called off the much publicized merger talks to create a huge wireless company.
On October 30, it was reported that the pair were planning to call off the talks due to the failure to agree on ownership of the combined company.
The break off of the talks means Sprint must engineer its own turnaround.
Masayoshi Son, the chairman of Sprint and Softbank, said: “We are entering an era where billions of new connected devices and sensors will come online throughout the United States.
"Continuing to own a world class mobile network is central to our vision of ubiquitous connectivity. Sprint is a critical part of our plan to ensure that we can deliver our vision to American consumers and we are very confident in its future.”
Sprint Corp shares are down 13.195 at US$ 5.79 in early deals in New York.