In a stunning move, the U.S. Justice Department sued to block AT&T Inc. from their $39 billion takeover of T-Mobile USA Inc. claiming the deal with “substantially lessen competition” in the wireless market. The Government claims that the merger would violent U.S. anti-trust law and asked courts to order a blocking implementation of the deal.
The T-Mobile AT&T merger has been in the works for a little while now and Sprint has just officially filed to block the deal from being approved. Sprint specifically stated that the deal would create a duopoly in the US Wireless market and would cause AT&T stocks to rise to 44% from a previous 32%. Sprint even went as far as saying "The proposed transaction would produce no tangible public interest benefits and would impose serious anti-competitive harms that cannot be remedied through divestitures or conditions," to the FCC today.