The Department of Justice announced Friday that it has reached an agreement on the more than $26 billion merger between T-Mobile and Sprint.
Following the announcement, shares of T-Mobile and Sprint hit new all-time highs of $85.22 and $8.06, respectively. Shares of Dish Network climbed as much as 3.5%.
As part of the agreement, Dish will pay $5 billion for a combination of divested assets including Sprint’s Boost Mobile, Virgin Mobile and other prepaid phone businesses, as well as some of Sprint’s wireless spectrum. T-Mobile will make at least 20,000 cell sites and hundreds of retail stores available to the company. Dish will also be able to access T-Mobile’s network for seven years.
Makan Delrahim, head of the DOJ’s antitrust division, said without these remedies, the merger would “substantially harm competition.”
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