US State Attorney General initiates lawsuit to block T-Mobile and Sprint merger transactions

www.techweb.com.cn/world/2019-06-12/2...

[TechWeb] on June 12, according to foreign media reports, the U.S. Multi-state attorney general filed a lawsuit on Tuesday in an attempt to block the merger of T-Mobile US and sprint company (Sprint), while federal antitrust officials are still reviewing the $26 billion deal.

The merger of the third-largest and fourth-largest wireless operators in the United States will push up the price of mobile services, the lawsuit said. The case has been filed with the District Court for the Southern District of New York, led by New York Attorney General Letitia James and California Attorney General Xavier Becerra.

According to foreign media estimates, if the T-Mobile and Sprint merger transactions are reached, the combined company will have more than 127 million users, and may pose a more threatening to the number one operator Verizon and the second largest operator AT&T. competition.

As early as 2014, Softbank planned to merge Sprint with T-Mobile US, but it was opposed by US regulators. Softbank acquired Sprint in 2012.

At Tuesday's close, Sprint's share price fell 5.87% to $6.58, with a total market capitalization of approximately $26.918 billion; T-Mobile fell 1.58% to $75.46 with a total market capitalization of approximately $64.466 billion.

State attorney general initiation litigation block mobile sprint merger transaction

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