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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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November 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the twenty-two companies recommendation changes made on European companies during the month of November.

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

HY Note: Softbank Corp IPO Still a Go

HY Note: 13 Nov 2018, 7:34 PM ET - Softbank has received approval from the Tokyo Stock Exchange to list its domestic telco business - Softbank Corp.

Altice USA 3Q18: A Strong Showing

Earnings Note: 06 Nov 2018, 9:01 AM ET - Altice USA delivered a strong set of results, underscored by mid-single-digit revenue and AEBITDA growth. The company is on track to reduce leverage with AEBITDA growth, and FCF growth may be allocated to share buybacks. 

Softbank F2Q18: The Prince and the IPO

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S and TMUS Regulatory Analysis: Spectrum (5)

Company Analysis: 05 Nov 2018, 5:44 AM ET - We explore the FCC’s “Spectrum Screen”, its importance, and its implications for New T-Mobile’s spectrum portfolio. Included in this report is an Excel file with the spectrum holdings data of Sprint, T-Mobile, and the combined company.

Sprint & T-Mobile 3Q18: Solid Results, Some Cracks

Earnings Note: 31 Oct 2018, 10:19 PM ET - Sprint and T-Mobile have not slowed operationally since announcing their merger. However, cracks in earnings results underpin why both carriers need the deal. 

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

WINTRE: Bidding Big in the Italian Spectrum Auction

HY Note: 27 Sep 2018, 7:52 AM ET - The price of the Italian spectrum auction continues to climb higher and Wind Tre is clearly in the running for the expensive 3700 MHz spectrum band allocations.

T-Mobile: Snags CenturyLink CFO

Worth Watching: 24 Sep 2018, 10:20 PM ET - T-Mobile has announced that Sunit Patel, current CFO of CenturyLink and former CFO of Level 3, will be joining the company as Executive Vice President, Merger and Integration Lead. Patel will officially resign from CenturyLink on September 28th ..

T-Mobile & Sprint: FCC Pauses Shot Clock

Worth Watching: 12 Sep 2018, 9:19 AM ET - T-Mobile & Sprint: On September 11th, the FCC paused the so called "shot clock" on the T-Mobile and Sprint merger, a 180-day informal time frame during which the Commission performs a review of assignment of or transfer of control applications. ..

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

August 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Sep 2018, 9:49 PM ET - Our monthly report provides executive summaries for the thirty company recommendation changes made on North American companies during the month of August.

SoftBank: New Term Loan at SoftBank Corp.

Worth Watching: 23 Aug 2018, 9:04 PM ET - SoftBank announced today that its Japanese telco subsidiary, SoftBank Corp., has entered into a new term loan agreement for a total of ¥1.6 tn (~$14.4 bn). Proceeds from the term loan will be used to repay SoftBank Corp.'s intercompany borrowin ..

American Tower 2Q18: There’s No Place Like Home

Earnings Note: 07 Aug 2018, 7:55 PM ET - American Tower's Domestic segment was a clear highlight in 2Q18, as the towerco saw increased leasing activity from all four major carriers. However, Indian carrier churn continued to weigh heavily on results. 

Alibaba & Softbank: $3 bn Fund Raising for

Worth Watching: 07 Aug 2018, 4:50 AM ET - Alibaba & Softbank . Softbank Group Corp.'s $100 bn fund Vision Fund plans to lead an investment of $3 - 5 bn into food delivery business Vision Fund is said to be in discussions with potential investors including venture capital firms. Te ..

SoftBank F1Q18: An AI for the Future?

Earnings Note: 06 Aug 2018, 11:21 PM ET - SoftBank's Masa Son spent the majority of the earnings presentation addressing the company's AI-driven future. While earnings were quiet, catalysts are on the horizon as SoftBank prepares to IPO its Domestic Telco segment. 

US Wireless: 2Q18 in Pictures

Sector Analysis: 06 Aug 2018, 4:58 AM ET - Following the end of 2Q18 earnings for the four largest US wireless carriers, we provide a summary of the industry through tables and charts.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

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