In a surprising twist, the U.S. Department of Justice has filed a complaint to block the sale of T-Mobile to AT&T for $39 Billion. The complaint was filed today in a federal court in Washington D.C. The Justice Department complaint indicated, ďAT&Tís elimination of T-Mobile as an independent, low- priced rival would remove a significant competitive force from the market.Ē The U.S. also said in its filing that the deal would ďsubstantially lessen competitionĒ in the wireless market. Additionally, the Bloomberg article also shared the following,Now the ball is in the FCC's court, but it is looking grim for the AT&T/T-Mobile merger, and AT&T's stocks are taking a beating because of it. At the time of the Bloomberg article, AT&T shares dropped 96 cents to $28.66.Should regulators reject the transaction, AT&T would pay Deutsche Telekom $3 billion in cash. It would also provide T-Mobile with wireless spectrum in some regions and reduced charges for calls into AT&Tís network, for a total package valued at as much as $7 billion, Deutsche Telekom said this month.
Source: Android.net via Bloomberg