Technology: 10 states sue to stop T-Mobile's purchase of Sprint - - PressFrom - US

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

02:20  12 june  2019
02:20  12 june  2019 Source:

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Published reports say a group of state attorneys general are planning a lawsuit to block a .5 billion merger of wireless carriers T - Mobile and Sprint . The companies say they need to bulk up to upgrade to a fast, powerful "5G" mobile network that competes with Verizon and AT&T. The companies are

Ten state attorneys general are suing to block the planned merger of Sprint and T - Mobile , according to reports from Reuters and the Wall Street Journal. New York Attorney General Letitia James is leading the effort, according to Reuters. James is scheduled to hold a press conference on Tuesday at 2 p.m.

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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At least 10 state attorneys general plan to jointly file a lawsuit to stop the billion T - Mobile - Sprint merger, according to anonymous sources. According to Reuters’ sources, both Marcelo Claure from Sprint and John Legere from T - Mobile met with the Justice Department yesterday in Washington.

T - Mobile CEO John Legere (L) and Sprint Executive Chairman Marcelo Claure testify before the House Judiciary Committee’ s Antitrust, Commercial and Now the two telecom giants face a new and significant hurdle: At least 10 state attorneys general, led by New York, will file a lawsuit to stop the

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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At least 10 US states are moving to block a merger between mobile phone companies Sprint and T - Mobile T - Mobile and Sprint are respectively the third- and fourth-largest wireless carriers in the United The companies have agreed not to raise rates for three years and will divest from the Sprint

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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