US Justice Department may sue to block Sprint, T-Mobile merger - CNBC

WASHINGTON: The U.S. Justice Department would sue to block the merger of T-Mobile US Inc and Sprint Corp if the parties do not settle next week, CNBC reported on Thursday, citing sources.

T-Mobile and Sprint did not immediately respond to Reuters requests for comment. The Justice Department declined to comment.In June, a group of U.S. state attorneys general filed suit to block the merger, arguing that the deal would cost consumers more than US$4.5 billion annually. To win over the Justice Department, which is not involved in the lawsuit, T-Mobile and Sprint have agreed to a series of deal concessions, including selling the prepaid brand Boost.

The companies have been in talks for weeks to sell Boost to Dish Network Corp but are haggling over issues such as restrictions over who can buy the divested assets if they are sold in the future, with T-Mobile and Deutsche Telekom seeking to prevent them from going to a cable or technology company. T-Mobile is about 63per cent owned by Deutsche Telekom and Sprint is controlled by Softbank Group Corp.The companies told the court in late June that they were willing to refrain from closing the deal until after the state attorneys general case is completed.Federal Communications Commission chairman Ajit Pai has given his blessing to the merger in principle and is expected to circulate a formal order within weeks.

Source: News Formal (newsformal.com)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US Justice Department asks appeals court to pause antitrust ruling against QualcommThe U.S. Justice Department asked a federal appeals court to pause the enforcement of a sweeping antitrust ruling against mobile chip supplier ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

DoJ may sue to block Sprint, T-Mobile merger: CNBCThe U.S. Department of Justice would sue to block the merger of T-Mobile US Inc and Sprint Corp if the parties do not settle next week, CNBC ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US-based Accel backs familiar faces at startup Travelstop in US$3m roundUS venture firm Accel is putting money behind business travel management startup Travelstop, reuniting the investor with alumni from vacation rentals platform Travelmob. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

US cloud provider 8x8 buys Singapore’s Wavecell for US$125m in cash, stockWAVECELL, a privately held communications platform-as-a-service (CPaaS) provider based in Singapore, has been acquired by New York-listed 8x8 for around US$125 million in cash and stock, marking the US firm’s entry into the South-east Asian market. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

US senators criticize FTC's reported Facebook settlementThree U.S. senators who have been frequent critics of U.S. tech giants wrote a letter to the Federal Trade Commission on Tuesday to criticize its ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Amazon US rivals get sales boost on Prime Day: AdobeSeveral large U.S. retailers recorded higher sales on the first day of Amazon.com Inc's Prime Day shopping event as online shoppers also flocked ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »