Report: Sprint and T-Mobile merger is a done deal
Reports coming from Asia are telling us that US carriers Sprint and T-Mobile are about to become one body after a successful agreement between their respective owners.
The business though, looks kind of complicated, and that’s why the FCC and the FTC said no to the transaction earlier this year.
But with the new agreement, which looks simpler now, Sprint’s parent company, SoftBank, will buy anywhere above 50 percent of T-Mobile’s shares from Dutsche Telekom who owns 67% of the stock. That done, SoftBank will have the powers to pound the two carriers into one.
Eight banks are said to be behind SoftBank in the acquisition-cum merger which will see over $16 billion exchange hands.
J.P. Morgan Chase and Deutsche Bank are among the eight creditors who will foot the deal for SoftBank regardless that SoftBank is knee-deep into debt, with about $88 billion waiting to be paid.
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