Sprint Chairman Masayoshi Son approached Berkshire Hathaway Chairman Warren Buffett to discuss a deal with the wireless-service provider, according to a report on Friday by The Wall Street Journal's Ryan Knutson and Shalini Ramachandran.
Sprint has reportedly approached Warren Buffett about an investment (S)
The details are unclear, but it could be an investment of over $10 billion in Sprint from Berkshire Hathaway, The Wall Street Journal reported.
Son also met with John Malone, the cable mogul, at the Allen & Co. annual conference in Sun Valley, Idaho, the report said.
The Journal reported that details of the potential deal were unclear but that it could be an investment of over $10 billion in Sprint from Berkshire Hathaway.
Sprint shares gained as much as 4% after the news.
Amid fierce competition and price cuts among the largest telecoms companies, the chief financial officer of T-Mobile has said the company would benefit from a merger with Sprint. Sprint's controlling shareholder was gearing up for deal talks with T-Mobile's top shareholder, Deutsche Telekom AG, Reuters reported in May.
Berkshire Hathaway has announced big investments in recent months. The conglomerate's energy business agreed on July 7 to acquire Energy Future Holdings for $9 billion in cash. And in June, Berkshire granted a credit line of $2 billion Canadian dollars ($1.5 billion) to Home Capital, the embattled Canadian mortgage company.
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