Sprint Corp (NYSE: S ) shares popped late in the day on the news that the company may be in talks with Warren Buffett.
The billionaire investor and head of Berkshire Hathaway Inc. (NYSE: BRK.A ,NYSE: BRK.B ) has reportedly been approached by the carrier regarding a potential investment opportunity. Sprint CEO Masayoshi Son reportedly met with the investor over the possibility of him assuming a position worth up to $10 billion in S stock.
Son also connected with cable mogul John Malone, CEO of Liberty Interactive Corp (NASDAQ: QVCA ) in a convention in Sun Valley, Idaho. Sprint, Berkshire Hathaway and Liberty Interactive have yet to comment on the matter.
The carrier is currently behind the pack as it is the fourth largest wireless company in the country, and Buffett-backed investment could be exactly what it needs to propel it forward a spot or two. The talks appear to be on the early stages for now.
It is believed that Son's 80% stake on Sprint could be part of the deal, or at least a portion of it.
Rumors persist regarding a potential merger between the U.S. wireless service provider and T-Mobile US Inc (NASDAQ: TMUS ), but the details of such a deal have yet to be unveiled, and the agreement would have to pass regulations.
S stock surged 4.9% Friday on the news.
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