找回密码
 立即注册
首页 全球财经资讯 查看内容
  • QQ空间

T-Mobile-Sprint合并获得美国法官的批准

2020-2-12 14:52

 

据路透社报道,美国T-Mobile公司(T-Mobile US Inc.)向收购Sprint公司(Sprint Corp.)又迈进了一步,此前一名联邦法官批准了这笔交易,驳回了一些州的指控,这些州称拟议中的交易将违反反垄断法,并会提高价格。


在12月为期两周的试验中,T-Mobile和Sprint认为,合并将使新公司更好地与美国第三大无线运营商Verizon Communications Inc.和美国电话电报公司(AT&T Inc.)竞争,创建一个更高效、价格更低、网速更快的公司。


T-Mobile股价周二上涨11%至94.01美元,Sprint股价大涨逾74%至8.34美元。


Sprint的控股股东、日本软银集团(SoftBank Group Corp.)正在剥离一项问题资产,并寻求为第二愿景基金(second Vision Fund)筹集资金。


在庭审期间,Sprint的高管辩称,这笔交易事关生死存亡。


两家公司表示,合并T-Mobile的低频段频谱和Sprint的中频段频谱,可以更快地推出全国性的5G网络。


Sprint和T-Mobile在一份声明中表示,他们将采取行动完成合并,但合并仍取决于交易完成条件和可能的额外法庭程序。


以加州和纽约为首的几个州曾表示,该交易将减少竞争,导致价格上涨。


美国参议院司法委员会(Senate Judiciary Committee)成员、参议员理查德•布卢门撒尔(Richard Blumenthal)周二写道:“T-Mobile和Sprint的合并,将在一个已经危险的整合市场上缔造另一家电信巨头。”


260亿美元交易


美国地方法院法官维克多·马雷罗(Victor Marrero)的决定为这笔交易扫清了道路。


马雷罗法官说,他的决定基于三个基本要点。首先,他没有被各州说服,认为这笔交易将导致更高的价格或更低质量的无线服务。


他不同意Sprint仍将是一个强大的竞争对手,也不相信正在从该交易中购买剥离资产的DISH Network Corp.会辜负其进入无线市场并参与竞争的承诺。


马雷罗法官写道:“法院的结论是,拟议中的合并不太可能大幅削弱竞争。”他补充称,他相信DISH有能力在无线行业转型为“颠覆性的特立独行者”。


美国政府认为,DISH没有能力成为具有竞争力的第四大无线运营商,因为它在无线领域缺乏经验、规模和品牌知名度。


纽约州总检察长表示,纽约州正在考虑上诉;加州总检察长表示,该州“准备战斗”。


德杰特律师事务所(Dechert LLP)专门从事反垄断业务的合伙人哈巴什(Rani Habash)说,这些州很难赢得上诉。他说,法官“认为Sprint和T-Mobile对未来的预测更加可信”。“当你有一个事实性的决心时,那是很难克服的。”


加州审查


加州公共事业委员会(California Public Utilities Commission)发言人表示,对该交易的审查预计将于7月完成。加州公共事业委员会是最后一个决定合并事宜的监管机构。


法官让交易继续进行的决定招致了一些反垄断专家的批评。


纽约大学(New York University)贸易监管和反托拉斯法教授埃莉诺•福克斯(Eleanor Fox)表示:“如果这宗合并交易不构成反竞争,即使双方同意采取补救措施,也很难知道什么是反竞争的。”


美国司法部7月份批准了这笔交易,此前两家运营商同意将部分预付资产出售给卫星提供商DISH。DISH将创建自己的移动网络,以确保市场上仍有4家竞争对手。美国联邦通信委员会(Federal Communications Commission,简称fcc)去年10月在投票中以3比2的票数通过了这项协议。


美国联邦通信委员会主席阿吉特·帕伊(Ajit Pai)表示,这一裁决是美国消费者的一大胜利,将有助于确保美国在推出5G网络方面发挥领导作用。

 

T-Mobile US Inc. edged closer to a takeover of Sprint Corp. after a federal judge approved the deal, rejecting a claim by a group of states that said the proposed transaction would violate antitrust laws and raise prices, Reuters reports.

During a two-week trial in December, T-Mobile and Sprint argued the merger will better equip the new company to compete with top players Verizon Communications Inc. and AT&T Inc. as the third-largest US wireless carrier, creating a more efficient company with low prices and faster internet speeds.

Shares of T-Mobile rose 11 percent to US$94.01 on Tuesday while Sprint soared more than 74 percent to US$8.34.

Finalizing a deal will be a boon to Japan’s SoftBank Group Corp., Sprint’s controlling shareholder, as the conglomerate offloads a troubled asset that has lost subscribers at a faster rate and as it seeks to secure funding for a second Vision Fund.

During the trial, Sprint executives argued that the deal was a matter of survival.

Uniting T-Mobile’s low-band spectrum and Sprint’s mid-band spectrum could allow a faster rollout of a national 5G network, the companies have said.

Sprint and T-Mobile said in a statement that they would move to finalize the merger, which is still subject to closing conditions and possible additional court proceedings.

The states, led by California and New York, had said the deal would reduce competition, leading to higher prices.

“The merger of T-Mobile and Sprint will create another telecommunications behemoth in an already dangerously consolidated market,” US Senator Richard Blumenthal, a member of the Senate Judiciary Committee, wrote on Tuesday.

US$26 billion deal

The decision by US District Court Judge Victor Marrero clears the path for the deal, which already has federal approval and was originally valued at US$26 billion.

Judge Marrero said he based his decision on three essential points. The first was that he was not persuaded by the states that the deal would lead to higher prices or lower-quality wireless services.

He disagreed that Sprint would remain a strong competitor and was unconvinced that DISH Network Corp., which is buying divested assets from the deal, would fail to live up to its promises to enter and compete in the wireless market.

“The court concludes that the proposed merger is not reasonably likely to substantially lessen competition,” Judge Marrero wrote, adding that he was confident in DISH’s ability to transform into a “disruptive maverick” in the wireless industry.

The states maintained that DISH was ill-equipped to become a competitive fourth wireless carrier, noting that it lacks experience, scale and brand recognition in wireless.

New York’s attorney general said the state is considering an appeal; California’s attorney general said that state is “prepared to fight”.

Rani Habash, a partner at the law firm Dechert LLP who specializes in antitrust, said the states would have difficulty winning an appeal. The judge “found the Sprint and T-Mobile side to be more credible for their prediction of the future,” he said. “When you have a factual determination, that’s very hard to overcome.”

California review

A spokesman for the California Public Utilities Commission, the last regulatory body to decide on the merger, said its review of the deal is expected to conclude in July.

The judge’s decision to let the deal proceed drew criticism from some antitrust experts.

“If this merger is not anticompetitive, even with the remedies agreed to, it is hard to know what is,” said Eleanor Fox, trade regulation and antitrust law professor at New York University.

The US Justice Department approved the deal in July after the carriers agreed to sell some prepaid assets to satellite provider DISH, which would create its own cellular network to ensure there would still be four competitors in the market. The Federal Communications Commission signed off on the deal in October in a vote split 3-2 along party lines.

FCC Chairman Ajit Pai said the ruling was a big win for American consumers and would help ensure US leadership in rolling out a 5G network.

 

来自: ejinsight