Cleary Gottlieb represented T-Mobile in securing clearance from the U.S. Department of Justice for its proposed merger with Sprint on July 26, 2019, representing an important step toward completing the merger to create the New T-Mobile.
As a condition of the DOJ clearance, T-Mobile and Sprint, as the proposed New T-Mobile, will be committed to divest Sprint’s prepaid businesses including Boost Mobile, Virgin Mobile (excluding the Assurance brand Lifeline customers), and Sprint-branded prepaid customers to DISH for approximately $1.4 billion. DISH has also agreed to acquire Sprint’s portfolio of nationwide 800 MHz spectrum for a total value of approximately $3.6 billion.
The DOJ action moves the transaction one step closer to closing, pending other regulatory approvals and the satisfaction of other closing conditions.