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Sprint is abandoning its pursuit of T-Mobile as the regulatory challenges of the deal are too steep.
European benchmarks closed higher, although gains were capped by weakness seen in the Italian and Spanish markets.
Sprint reported higher-than-expected second-quarter revenue on Wednesday.
Sprint has lined up eight banks to finance its proposed acquisition of T-Mobile US.
Sprint and T-Mobile have settled on a $32 billion deal that might be announced this summer, people briefed on the matter told the New York Times.
Asian equities ended mostly lower on Friday as caution ahead of Chinese manufacturing data overshadowed a record finish on the S&P 500 overnight.
Sprint is meeting with banks to work out funding for its bid for smaller rival T-Mobile US, a source familiar with the situation said.
BlackBerry CEO John Chen criticized T-Mobile, calling ill-conceived a promotion that encourages customers using BlackBerrys to upgrade to iPhones.
Sprint, considering a bid for T-Mobile, is close to securing debt financing from a clutch of big banks, Dealreporter said.
Softbank Corp has entered direct talks with Deutsche Telekom, Bloomberg reported on Sunday.
Deutsche Telekom has made a tax move on its stake in T-Mobile US that some analysts think may pave the way for an eventual sale of the US subsidiary.
T-Mobile reported a fourth-quarter boost in customer growth and offered to pay customers to switch from rival services.
T-Mobile has reached deals to buy spectrum licenses from Verizon Wireless for $2.37 billion in cash.
Deutsche Telekom's new Chief Executive Tim Hoettges takes office on Wednesday.
Asian markets were mixed on Thursday with the Nikkei at fresh six-year highs while mainland shares were dragged down by steep losses in financials.
SoftBank is in final stage talks with T-Mobile parent company Deutsche Telekom about acquiring the wireless carrier, the Nikkei news service reported.
Stocks in Japan and China rose in holiday-thinned trading on Wednesday following a positive lead from Wall Street.
Dish is considering making a bid for T-Mobile next year, potentially setting the stage for a new bidding war with Softbank according to sources.
The union representing German journalists advised its members on Thursday to stop using Google and Yahoo because of reported snooping by U.S. and British intelligence.
Vodafone won EU approval on Friday for its 7.7 billion euro ($10.43 billion) acquisition of Germany's largest cable company, Kabel Deutschland.