Sprint has reportedly approached Warren Buffett about an investment

15 July, 2017, 02:12 | Author: Oscar Goodwin
  • Finance : Sprint pops after seeking investment from Warren Buffett (S)

Sprint chairman Masayoshi Son held separate talks with Warren Buffet and Liberty Broadband chair John Malone at a recent CEO conference in Idaho, according to the Wall Street Journal. Sprint CEO Marcelo Claure is also involved in the negotiations, the sources said.

Shares of Sprint were up 5 percent at $8.62 in afternoon trading on Friday.

Though the details of the meeting have not been disclosed, the Journal reported that there is a possibility that Berkshire could invest as much as $10 billion in a potential transaction concerning the company. The talks appear to be on the early stages for now. The company has a market cap of $32.75 billion.

Sprint, Berkshire Hathaway and Liberty Media did not immediately respond to Reuters requests for comment.

The Malone company is the biggest shareholder in No. 2 USA cable company Charter Communications Inc.

Son, who controls about 83 percent of Sprint, has been exploring a merger or other deal for the company, which has been losing money and has fallen to fourth place in the USA wireless market. T-Mobile shares closed up 0.5 percent to $61.24 on Friday.

Amid fierce competition among the largest telecommunications companies, the chief financial officer of T-Mobile had said the company would benefit from a merger with Sprint.

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