Sprint news: Deutsche Telekom CEO denies T-Mobile/Sprint deal will reduce competition

From Reuters:

NEW YORK (Reuters) – T-Mobile US Inc and Sprint Corp did not pursue a merger in order to reduce price competition in the U.S. wireless market, the chief executive of Deutsche Telekom, T-Mobile’s majority shareholder, testified on Tuesday in federal court in Manhattan.

A group of state attorneys general, led by New York and California, are suing to stop the $26.5 billion merger between the wireless carriers, arguing it would lead to higher prices.

Timotheus Höttges, who is chairman of T-Mobile’s board, testified that T-Mobile sought to merge with its smaller rival to increase scale and gain wireless spectrum, or airwaves that carry data, but denied the goal was to reduce competition. His testimony came on the second day of a trial that is expected to run until Dec. 20.

Attorneys for the states presented evidence on Tuesday from a T-Mobile board presentation in 2010, when the company first explored a deal with Sprint, that said the merger would have “potential to reduce price competition.”

Continue reading Deutsche Telekom CEO denies T-Mobile/Sprint deal will reduce competition on Reuters

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