What's the status of the T-Mobile and Sprint merger? It's a date, say deal-closing bankers
T-Mobile is 'financially prepared' for a Sprint merger date
"We are very happy to have assembled sixteen leading U.S. and global banks in our committed bridge financing for the acquisition of Sprint. This diversification of banks, and the spreading of the committed bridge financing creates a very high-quality bridge," chimed in Braxton Carter, Chief Financial Officer of T-Mobile.
Mike Sievert, President and Chief Operating Officer of T-Mobile, summed it all up:
- Make low-cost plans available in California for at least five years, including a plan offering 2 GB of high-speed data at $15 per month and 5 GB of high speed data at $25 per month.
- Extend for at least an additional two years the rate plans offered by T-Mobile pursuant to its earlier FCC commitment, ensuring Californians can retain T-Mobile plans held in February 2019 for a total of five years.
- Offer 100 GB of no-cost broadband internet service per year for five years and a free mobile Wi-Fi hotspot device to 10 million qualifying low-income households not currently connected to broadband nationwide, as well as the option to purchase select Wi-Fi enabled tablets at the company’s cost for each qualifying household.
- Protect California jobs by offering all California T-Mobile and Sprint retail employees in good standing an offer of substantially similar employment. T-Mobile also commits that three years after the closing date, the total number of new T-Mobile employees will be equal to or greater than the total number of employees of the unmerged Sprint and T-Mobile companies.
- Create approximately 1,000 new jobs in California with a customer service center in Kingsburg.
- Increase diversity by increasing the participation rate in its employee Diversity and Inclusion program to 60 percent participation within three years.
- Reimburse California and other coalition states up to $15 million for the costs of the investigation and litigation challenging the merger.
The coronavirus lockdown may actually improve the T-Mobile/Sprint merger status with authorities
On top of that, both T-Mobile and Metro by T-Mobile customers will receive an additional 20GB of mobile hotspot/tethering service for two 60 days. This specific offer is not available right away, but it should go live in the coming days.
And for those who have friends or family members living in countries that were heavily hit by the coronavirus pandemic, T-Mobile announced that it offers free international calling for all customers to Level 3 impacted countries, which includes China, Iran, Venezuela, South Korea, and most European countries. That's got to count for something in the eye of the beholder, and a spring merger date may still be on the cards as planned.