Reston, Va. – The head of Verizon Wireless (NYSE: VZ) said he has no
plans to pursue Sprint Nextel (NYSE: S), despite the fact that AT&T’s (NYSE: T) planned $39
billion acquisition of T-Mobile USA would knock his company from the top of the
U.S. wireless market, Reuters reported. "We’re not interested in Sprint.
We don’t need them," CEO Daniel Mead told the wire service.
had expected AT&T’s announcement of the deal on Sunday to prompt a similar
move by Verizon Wireless, with Sprint Nextel being the most likely target.
Prior to the news, Sprint had been rumored to be in talks about a possible
combination with T-Mobile.
Shares of Sprint sank 14% on Monday, amid concerns
the company won’t be able to compete with its two larger competitors.