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US telecom giants get $26 billion takeover green light

T-mobile which is one of the largest telecom players in the US market had got the nod from the law enforcement authorities to buy its smaller rival Sprint.

The deal is being valued at $26 billion or 20 billion Euros. It is being considered by many experts one of the major deals in the US mobile phone industry as with the completion of the deal the number of major companies in the US mobile phone industry will reduce to just three.

The deal was agreed by the two parties nearly two years ago but since then has been pending in the court so that all the rules and obligations are met and the takeover is being carried out in a transparent way.

Sprint is currently owned by the Japanese investment bank Softbank. The shares of the telecom company jumped after the verdict was announced to the media.

A group of Democratic leaders had allegedly filed a case stating that the deal would not be good for the customers as they will have to pay more prices for the reduction in competition in the mobile phone industry in the US.

They also complained that the merger will break several laws meant to keep a healthy competition in the market to prevent the autonomy of a company and protect the right of the customers and users.

Now that the decision has been made it must be challenged by any party otherwise the mobile network in the US will remain a three-party affair- the AT&T, Verizon and T-Mobile after conquering Sprint.

The exiting CEO John Legere who left the company just a few months had commented on the verdict by the judge that with this merger the company will now be able to compete with the other players and vie for a larger share of the customer market in the US.

He had made the comment on Twitter and congratulated the employees.

Isabel Ernest
Isabel Ernest Subscriber
Sr. Content Editor & Writer At Chemical News Reports 24

The basic reason for Isabel to pursue a Degree in Industrial engineering was the mysteries that are entailed by the universe. Isabel has always been wondering and looking for studies projecting the presence of alien life forms. And having an interest in writing just made things easy for Isabel to opt for the position of Sr. Content Editor & Writer. She has been a part of this portal for 3 years now. Her hard work and dedication have been fruitful by being appointed as Head of the Industry News domain. Isabel handles the A to Z of this domain as well as encourages her team members to give the best of quality while working.

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