AT&T’s nine-month battle to acquire T-Mobile ended Monday when the company said, that after a thorough review of its options, it had called off the merger.
It was clear from the beginning that the proposed mega merger would have major regulatory hurdles to clear.
As expected, competitor Sprint immediately voiced opposition to the whopping $39 billion deal, what Bloomberg in March called the biggest acquisition worldwide in more than a year. Sprint claimed it could seriously disrupt wireless competition in the country, and most industry experts agreed close scrutiny was needed to protect consumers from potential price hikes and less choices if the market became overly concentrated.
The proposal would have combined the nation’s second largest mobile phone carrier, AT&T, with the fourth largest.
While the proposed deal won support from a number of diverse groups, in the end, the actions by the Federal Communications Commission and the Department of Justice to block the transaction effectively killed it. In a statement, AT&T said that opposition does not change the realities of the U.S. wireless industry — that it is one of the most fiercely competitive industries in the world, with a mounting need for more spectrum that has not diminished and must be addressed immediately:
The AT&T and T-Mobile USA combination would have offered an interim solution to this spectrum shortage. In the absence of such steps, customers will be harmed and needed investment will be stifled.
“AT&T will continue to be aggressive in leading the mobile Internet revolution,” said Randall Stephenson, AT&T chairman and CEO. “Over the past four years we have invested more in our networks than any other U.S. company. As a result, today we deliver best-in-class mobile broadband speeds — connecting smartphones, tablets and emerging devices at a record pace — and we are well under way with our nationwide 4G LTE deployment."
Stephenson said in the near term policymakers should allow the free markets to work so that additional spectrum is available to meet the immediate needs of the U.S. wireless industry, including expeditiously approving AT&T's acquisition of unused Qualcomm spectrum currently pending before the FCC. He said policymakers should also enact legislation to meet the nation’s longer-term spectrum needs.
“The mobile Internet is a dynamic industry that can be a critical driver in restoring American economic growth and job creation, but only if companies are allowed to react quickly to customer needs and market forces,” Stephenson said.
To reflect the break-up considerations due T-Mobile’s German parent company, Deutsche Telekom, AT&T will recognize a pretax accounting charge of $4 billion in the 4th quarter of 2011. Additionally, AT&T will enter a mutually beneficial roaming agreement with Deutsche Telekom.
The company currently has 10 branches throughout Louisiana, including an Ambassador Caffery location which opened last year.
Lawmakers have added $15 million to the attorney general's budget to pay for Louisiana's ongoing legal case against BP for damages caused by the 2010 Gulf oil spill.
The state's jobless rate rose to 5 percent in June from 4.9 percent in May. Louisiana's unemployment rate was 6.4 percent in June 2013.
Long-established private club opening special events venue in failed women’s store at Kaliste Saloom Road and Camellia Boulevard.
High-dollar legal teams are preparing to spar in federal court over the regional levee authority’s historic lawsuit against oil and gas companies, but a panel of volunteers could preempt those efforts when they meet in August.
May sales, the highest on record for the month at $534 million, increased 6.1 percent over May 2013.
Trendy Shi Shi is heading to the Ranch, longtime retail institution Partners’ Ltd. is relocating to Parc Lafayette, and ariel artist haven Vertical Barre is moving downtown.
There’s another debit/credit card scam making the rounds — the second this year — this time via a robo call purportedly from MidSouth Bank.
The 2014 Louisiana Annual Sales Tax Holiday exempts the first $2,500 of the purchase price of each eligible item for non-business use when the customer buys and accepts delivery of eligible property or places property on layaway.
The Lafayette-based home nursing firm will buy 14 home health agencies from a Tennessee company for $10 million in cash.
When Gov. Bobby Jindal signed a controversial bill retroactively banning the Southeast Louisiana Flood Protection Authority-East from filing lawsuits without his permission, many people thought that would put an end to the suit against 97 oil and gas companies.
Citing 76-year-old Garnette Thomas’ age and cooperation, federal judge says no jail time.
“There is something about being out on the swamp when you are alone that sucks the poisons of civilization out of you. It’s a sort of healing power that lets you be yourself again. That’s the kind of thing that would be ruined by a facility like this.”
The project was pushed by former Agriculture Commissioner Bob Odom as a way to help Louisiana's sugar industry, and its financing was approved in 2003 by the State Bond Commission. But it was a failure from the start and left current commissioner Mike Strain saddled with debt at his agency.
Family owned Baton Rouge milk and ice-cream producer aims to put PR nightmare behind it.
For Jennings-based JD Bank, IberiaBank’s buyout of Teche Federal couldn’t have come at a better time.
Louisiana Attorney General Buddy Caldwell says a south Louisiana flood board member who supports the board's environmental lawsuit against the oil and gas industry has reached the end of his term.
The Women Who Mean Business honorees and trailblazers will be featured as a cover story in the September issue of ABiz, which publishes Sept. 15.
Local attorney helps expand service offerings at Andrus Boudreaux Complete Title, which specializes in commercial and residential real estate closings.
Controversial LSU professor David Dismukes has come under fire once again, this time from 20 solar-power groups over his role in a Louisiana PSC study on the costs and benefits of alternative energy.
The state labor department figures released Monday show the initial claims decreased to 2,577 from the previous week's total of 2,604. For the comparable week a year earlier, there were 3,027.
Louisiana officials are refusing to disclose the details of crude oil shipments railroads haul through the state.
Faced with paying a hefty ethics fine, the local real estate developer sells another property, his Wingate by Wyndham hotel.
This year has been a good one for Lafayette’s IT sector, first with April's news of CGI’s new technology center and then Monday's announcement from Silicon Valley-based Enquero that it will soon be opening its first Agile Delivery Center at LITE.
Of the major oil- and gas-producing states, Texas gained seven rigs, New Mexico and West Virginia were up two and Oklahoma added one. Pennsylvania declined by five, California lost three, Louisiana was down two and Colorado and Kansas both were off one.