Sprint Nextel Corp. quit talks Friday to buy MetroPCS Communications, two people with knowledge of the matter said, walking away from a deal that might have helped the mobile-phone carrier vie with Verizon Wireless and AT&T.
The transaction would have valued MetroPCS at about $8 billion, said one of the people, who asked not to be identified because the discussions were private. It was rejected by Sprint's board, this person said.
MetroPCS would have provided access to more than 9.3 million customers and airwaves needed for faster wireless services. Sprint is on the lookout for deals that would help it pose a more credible threat to bigger competitors Verizon Wireless and AT&T.
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