Deals
T-Mobile and Sprint CEOs Turn From Rivals to Kindred Spirits
- Despite public sniping, Claure and Legere bonded in private
- Their friendship drove the two carriers back to the deal table
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There seemed no love lost between Marcelo Claure and John Legere, a pair of chief executives who sniped at each other incessantly -- on Twitter, at public events, even in ads. But behind the scenes, the two telecom moguls were bonding around a common cause.
The fruits of that relationship became apparent this weekend, when T-Mobile US Inc. agreed to acquire Sprint Corp. for $26.5 billion. Just months after a previous attempt collapsed under regulatory concerns, Legere and Claure have again driven the No. 3 and No. 4 American carriers together, realizing neither alone can outgun Verizon Communications Inc. and AT&T Inc. in the coming era of blazing-fast fifth-generation wireless.