After years of on and off again talks today Sprint and T-Mobile officially announced plans to merge. The deal is reported to be worth $26 billion and will value Sprint near its current share price of $6.50.
“I’m excited to announce that @TMobile & @Sprint have reached an agreement to come together to form a new company — a larger, stronger competitor that will be a force for positive change for all US consumers and businesses! Watch this & click through for details.” said T-Mobile CEO John Legere, in a tweet Sunday.
I’m excited to announce that @TMobile & @Sprint
have reached an agreement to come together to form a new company – a larger, stronger competitor that will be a force for positive change for all US consumers and businesses! Watch this & click through for details.— John Legere (@JohnLegere) April 29, 2018
Exact details of the merger deal have yet to be announced. One of the main issues has been that Deutsche Telekom owns 63% of T-Mobile. According to reports, Deutsche Telekom is unwilling to give up control. If any merger happens Deutsche Telekom wants to retain control over the new company. Now it looks like they have worked through that speed bump.
A merger of this size will face tough scrutiny especially from the Department of Justice.
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