AT&T Ends T-Mobile Bid of the Day: AT&T has ended its $39 billion bid to acquire T-Mobile from Deutsche Telekom AG, the company announced in a press release.
The company criticized the FCC and the Department of Justice for blocking the deal, saying that “the mounting need for more spectrum” must be addressed immediately for the good of wireless customers.
As a result of the failed buyout attempt, AT&T now owes Deutsche Telekom $4 billion in cash and spectrum. The two companies have also entered into a “mutually beneficial” mobile roaming agreement.
AT&T stock is down less than 1% in after hours trading, and Sprint — which would have been stuck even further behind AT&T and Verizon if the deal had gone through — is up 7%.
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