Hesse Wanted to Buy MetroPCS for $8 Billion, but the Board Said No
Sprint’s CEO Dan Hesse may have spent the bulk of 2011 fighting AT&T’s attempt to buy T-Mobile USA, but a recent report is stating that during this period Sprint was cooking up a deal to acquire MetroPCS for around $8 billion. CNBC’s Dave Faber stated that Hesse gave the deal a thumbs up, but was shot down by Sprint’s board of executives.
During Sprint’s recent Q4 conference call Hesse stated that Sprint “would consider transactions and partnerships that were beneficial to shareholders,” and it appears that he wasn’t kidding. Considering Clearwire’s money issues and LightSquared’s recent run-ins with the FCC, it’s not unreasonable to think that Sprint had other ideas in their pipeline. Though it’s uncertain what led to this deal’s demise, it definitely suggests that Hesse and the gang are thinking outside of the box.