Deals
Sprint Plunges as AT&T’s Deal Seen Leaving It Weaker No. 3
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Sprint Nextel Corp. slumped 14 percent in New York trading after AT&T Inc. agreed to buy T-Mobile USA from Deutsche Telekom AG for about $39 billion, trumping Sprint’s effort to acquire the business.
With the takeover announced yesterday, AT&T would become the largest U.S. mobile-phone company. The deal still needs regulatory approval. Sprint also held talks with Deutsche Telekom about buying T-Mobile, people with knowledge of the matter said this month.