Sprint and T-Mobile have suffered a significant setback as they await Justice Department approval for their merger
New York Attorney General Letitia James said the deal is ‘bad for consumers, it’s bad for innovation and it’s bad for workers.’ Photo: mike segar/Reuters By Elizabeth Winkler June 12, 2019 6:00 a.m. ET T-Mobile ’s TMUS -1.58% and Sprint ’s S -5.87% plans to combine in a $26 billion deal seemed to be swimming along smoothly, especially after the merger received backing from the Federal Communications Commission’s chairman last month.
The Justice Department still has to weigh in, however, and prospects for the deal worsened on Tuesday, as a group of 10 state attorneys general filed a lawsuit to block it. The suit, which is led by California and New York, alleges that the union of the third- and fourth-largest wireless carriers in the U.S. would drive up prices for cellphone services and also result in lost jobs and stifled innovation. “The deal is bad for consumers, it’s bad for innovation and it’s bad for workers,” said New York Attorney General Letitia James.Investors are right to be concerned.
If the Justice Department decides not to sue, the states can still try to block the deal. They may force concessions or seek damages. Regardless of what the federal government decides, in other words, T-Mobile and Sprint are going to have further obstacles ahead.Write to Elizabeth Winkler at [email protected]
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
US state AGs reportedly prepare lawsuit to stop Sprint and T-Mobile mergerA group of at least 10 state attorneys general are preparing on Tuesday to file a lawsuit to stop the $26 billion merger of Sprint and T-Mobile, a deal that would reduce the number of nationwide wireless carriers from four to three, according to three sources familiar with the matter.
Consulte Mais informação »
Exclusive: U.S. state AGs prepare lawsuit to stop Sprint and T-Mobile mergerA group of at least 10 state attorneys general are preparing on Tuesday to file ...
Consulte Mais informação »
Ten States Seek to Block T-Mobile, Sprint MergerA group of 10 state attorneys general plan to sue T-Mobile and Sprint to block their merger, according to people familiar with the matter, adding another complication to an already unusual antitrust review.
Consulte Mais informação »
States Sue To Block Sprint T-Mobile Merger, Putting Deal In Jeopardy
Consulte Mais informação »
State attorney generals prepare lawsuit to stop Sprint and T-Mobile mergerA group of at least 10 state attorneys general are preparing on Tuesday to file a lawsuit to stop the $26 billion merger of Sprint and T-Mobile, a deal that would reduce the number of nationwide wireless carriers from four to three, according to three sources familiar with the matter.
Consulte Mais informação »
Sprint, T-Mobile hit with lawsuit to block deal - Reuters TVTen states led by New York and California have filed a lawsuit to stop T-Mobile US Inc’s $26 billion purchase of Sprint Corp, warning that consumer prices will jump due to reduced competition.
Consulte Mais informação »