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Sprint is the 4th-largest US wireless carrier by total customers and postpaid subs (32 mn, passed by TMUS in 4Q15). Sprint is viewed as the low-cost carrier in the US. In April 2018, TMUS & Sprint announced a merger agreement in which TMUS would acquire S in an all-stock transaction, valuing S at an EV of approximately $59.7 bn. The company will be led by TMUS CEO John Legere. DTAG will maintain a ~42% ownership stake in the combined company, while SoftBank will own ~27%. Sprint was acquired by Japanese telco, SoftBank, in July 2013; SoftBank owns an 83% stake. Also in 2013, Sprint acquired the 50% stake in Clearwire that it did not already own. In 2004, Sprint and Nextel merged in what proved to be a difficult integration; Sprint shut down Nextel in 2Q13. Former Sprint CEO, Claure, stepped down to focus efforts on receiving merger approval. Former Alcatel and Altice CEO Michele Combes was appointed as CEO. In average nationwide MHz, S owns ~150 MHz of 2.5 GHz spectrum, ~2 MHz of 2.3 GHz, ~37 MHz of 1.9 GHz and ~16 MHz of 800 MHz. (24 Aug 2018)

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S and TMUS Regulatory Analysis: DOJ vs. FCC (3)

Company Analysis: 10 Jul 2018, 11:34 AM ET - The Sprint and T-Mobile merger must be approved by both the DOJ and FCC. By analyzing each agency’s approval process, we can better understand how the pros & cons of the merger may impact the distinct decision-making process of each agency.

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