For three years, SoftBank CEO Masayoshi Son has been working on a deal to merge Sprint with T-Mobile US, a partnership that could have transformed the telecommunication industry and seriously threatened the dominance of Verizon and AT&T. Over the weekend, he ended those talks and today he explained his decision: He didn’t want to give up control.
“Why did we stop merger negotiations? Basically, we didn’t think we should be agreeing to a deal that would result in our loss of control,” Son told reporters after announcing quarterly earnings on Monday. “There was just a line we couldn’t cross. And that’s how we arrived at the conclusion.”