Uncle Sam's legal eagles sign off on $26bn mega-mashup
Uncle Sam's legal eagles have cleared Sprint and T-Mobile US to go ahead with a $26bn merger the two cellular networks have been planning for years.
The US Dept of Justice on Friday said it, along with five state attorneys general, has agreed to a settlement package with the two telcos that will allow them to ultimately clear the final regulatory hurdle and complete their biz mashup.
Sprint and T-Mobile US have been kicking around the idea of a super-merger since 2013, and have been officially pursuing it for more than a year.
"The T-Mobile and Sprint merger we announced last April will create a bigger and bolder competitor than ever before – one that will deliver the most transformative 5G network in the country, lower prices, better quality, unmatched value and thousands of jobs, while unlocking an unprecedented $43bn net present value in synergies," T-Mobile US CEO John Legere said of the agreement.
As part of the agreement, Sprint has agreed to sell off certain parts of its businesses to Dish Network, allowing the satellite carrier to enter the mobile space and fill the competitive void created by merging two national wireless providers.