James Delahunty
13 Sep 2009 19:49
According to a report in the Sunday Telegraph, Germany group Deutsche Telekom is on the verge of submitting a bid for the third largest mobile phone operator in the United States, Sprint Nextel.
With Sprint Nextel's market valuation topping 10.6 billion, Deutsche Telekom would surely need to call on a cash injection from shareholders, among whom is the German government itself with a 32 percent stake.
The report cites sources familiar with the matter as saying the company will make a bid for Sprint within the coming weeks.
The news comes after Deutsche Telekom's T-Mobile business in the UK announced a merger with France Telecom's Orange UK arm, which would result in the largest provider in the mobile phone market in Britain.
The report states that neither Deutsche Telekom or Sprint Nextel would provide a comment on the story.