The rumors of a T-Mobile/Metro PCS merger have been burning hot over the past 24 hours and it appears for good reason. The merger is real and was announced by T-Mobile a short while ago. T-Mobile USA will be merging with Metro PCS in a $1.5 billion deal. Not only will MetroPCS Shareholders receive $1.5 Billion in cash, but they will also have a 26% ownership in the combined company. Not a bad deal if you ask me.
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So here’s a question. How does one of the biggest companies on Earth, with more lobbyists and politicians in its pocket than you can count, find itself incapable of closing a merger deal with a fourth-rate carrier, even after spending millions on campaign contributions, kickbacks and lobbying?
The simple answer? AT&T done $%!@ed up.
Julius Genachowski, the chairman of the U.S. Federal Communication Commission, has spoken out about AT&T’s proposed acquisition of T-Mobile and deemed the merger to be against the public interest. Genachowski has called for commissioners to vote for an administrative public hearing against the $39 billion, which could prove to be a huge setback for the two carriers.