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Technology10 states sue to stop T-Mobile's purchase of Sprint

02:20  12 june  2019
02:20  12 june  2019 Source:   reuters.com

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Ten states led by New York and California filed a lawsuit on Tuesday to stop T - Mobile US Inc' s billion purchase of Sprint Corp, warning that consumer prices “This is the third time T - Mobile has tried to merge and shrink the market to three players,” said California Attorney General Xavier Becerra.

Ten states led by New York and California filed a lawsuit on Tuesday to stop T - Mobile US Inc' s billion purchase of Sprint Corp, warning that consumer prices will jump due to reduced competition. The complaint comes as the U. S . Justice Department is close to making a final decision on the merger.

Ten states led by New York and California have filed a lawsuit to stop T-Mobile US's $26 billion purchase of Sprint, warning that consumer prices will jump due to reduced competition.

The complaint, announced by the New York attorney general's office, was filed in the U.S. District Court for the Southern District of New York. The New York attorney general office will hold a news conference this afternoon.

Attorneys general from the ten states have been investigating the deal, which would reduce the number of nationwide wireless carriers to three from four. The companies have pledged not to boost rates for three years.

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WASHINGTON (Reuters) - Ten states led by New York and California filed a lawsuit on Tuesday to stop T - Mobile US Inc' s billion purchase of Sprint Corp, warning that consumer prices will jump due to reduced competition. The complaint comes as the U. S . Justice Department is close to making

WASHINGTON (Reuters) – Ten states led by New York and California filed a lawsuit on Tuesday to stop T - Mobile US Inc’ s billion (£20 billion) purchase of Sprint Corp, warning that consumer prices will jump due to reduced competition. The complaint comes as the U. S . Justice Department is close to

The reduced competition would cost Sprint and T-Mobile subscribers more than $4.5 billion annually, according to the complaint.

"Direct competition between Sprint and T-Mobile has led to lower prices, higher quality service, and more features for consumers. If consummated, the merger will eliminate the competition between Sprint and T-Mobile," the states said in the complaint.

T-Mobile, whose parent company is Deutsche Telekom AG, and Sprint, controlled by Japan's SoftBank Group Ltd, did not comment. A spokeswoman for the New York attorney general declined to comment.

Shares of Sprint dropped 4.9% at $6.65 while T-Mobile was down 1.5% at $75.52..

While AT&T and Verizon dominate the overall U.S. wireless market, T-Mobile is the most popular among customers who make less than $75,000 per year, and Sprint's Boost Mobile prepaid brand counts 83 percent of its users in that income range, according to Kagan, S&P Global Market Intelligence data.

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Ten state attorneys general, led by New York and California, filed a lawsuit on Tuesday to ask a court to stop T - Mobile ' s acquisition of Several states dissented from the Justice Department's settlement roughly 20 years ago. T - Mobile and Sprint have argued that they need to bulk up to upgrade to a fast

A group of states sued to block T - Mobile US Inc.’ s proposed takeover of Sprint Corp. on antitrust , June 11, 2019, 10 : 10 AM EDT. Democratic State AGs Move to Stop Merger During DOJ Review. T - Mobile getting its proposed billion acquisition of Sprint past regulatory hurdles is no done deal

Critics of the deal fear it will likely lead to higher prices for the poorest Americans, many of whom use prepaid wireless plans.

The companies have offered to sell Boost to reduce the combined company's market share in the prepaid business. They have also indicated they were considering divesting wireless spectrum.

The states' complaint also said that divesting Boost would not resolve competitive concerns since Boost would be dependent on another carrier to provide network access, meaning that it is not independent.

The two companies have been in regular contact with regulators as they lobby for approval. Sprint Chief Executive Officer Marcelo Claure and John Legere, his counterpart at T-Mobile, met with Justice Department officials on Monday, according to a source familiar with the matter.

If the states' lawsuit goes forward, the courts would have the last say, not the Justice Department, said Blair Levin, an analyst with New Street Research, in a note on Tuesday following the development, which Reuters first reported.

The next two big steps will be determining the position of Makan Delrahim, head of the antitrust division, and the identity of the judge assigned to the states' lawsuit, Levin wrote.

State attorneys general often participate in lawsuits aimed at stopping mergers but rarely go it alone.

The deal has won the backing of a majority of the Federal Communications Commission. The U.S. Justice Department's antitrust division staff has recommended the agency block the deal, but no final decision has been made.

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