T-Mobile Takeover of Sprint Clears U.S. National Security Panel
December 17 2018 - 3:27PM
Dow Jones News
By Drew FitzGerald and Kate O'Keeffe
T-Mobile US Inc. won approval from U.S. national-security
officials for its planned takeover of Sprint Corp., according to
people familiar with the matter, bringing the two rivals a step
closer to closing their roughly $26 billion combination.
The Committee on Foreign Investment in the U.S., or Cfius, told
the companies Monday that it had cleared the union of the No. 3 and
No. 4 carriers by subscribers after several months of negotiations
with company representatives, the people said.
The interagency committee, which is led by the Treasury
Department, reviews foreign deals for potential national security
issues and can recommend the president block transactions if such
concerns aren't resolved. Japanese telecom giant SoftBank Group
Corp. owns most of Sprint, while Germany's Deutsche Telekom AG is a
majority shareholder of T-Mobile in the U.S.
Spokeswomen for Sprint and T-Mobile declined to comment. A Cfius
spokesman also declined to comment, citing legal prohibitions on
the committee's disclosures.
The deal still needs approval from antitrust authorities at the
Federal Communications Commission and Justice Department. T-Mobile
executives have said they expect that process to end in the second
half of next year.
Write to Drew FitzGerald at andrew.fitzgerald@wsj.com and Kate
O'Keeffe at kathryn.okeeffe@wsj.com
(END) Dow Jones Newswires
December 17, 2018 15:12 ET (20:12 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Sprint Corporation (NYSE:S.WD)
Historical Stock Chart
From Apr 2024 to May 2024
Sprint Corporation (NYSE:S.WD)
Historical Stock Chart
From May 2023 to May 2024
