The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
T-Mobile US Inc won US national security approval for its takeover of Sprint Corp, one of the regulatory conditions needed before the two wireless carriers can combine.
The Committee on Foreign Investment in the US, or Cfius, has approved the proposed transaction, the companies said in a joint statement December 17.
The approval moves the No. 3 and No. 4 wireless providers in the US closer to consummating their $26.5 billion tie-up in a bid to better compete against industry leaders AT&T Inc and Verizon Communications Inc. Their focus now shifts to securing approval from the Federal Communications Commission and the Justice Department’s antitrust division.
Cfius reviewed the deal because T-Mobile and Sprint are owned by foreign companies: Deutsche Tele-kom, parent of T-Mobile, and SoftBank Group, which owns Sprint. Deutsche Tele-kom, based in Bonn, would own 42 percent of the new company, while Tokyo-bas-ed SoftBank would own 27 percent.