U.S. Moves to Block AT&T's Acquisition of T-Mobile
Thursday, 01 September 2011, 22:53 IST   |    1 Comments
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U.S. Moves to Block AT&T's Acquisition of T-Mobile
Washington: The U.S. justice department Wednesday filed an antitrust lawsuit to block AT&T's acquisition of T-Mobile, an official said. AT&T, T-Mobile, Sprint and Verizon account for more than 90 percent of the mobile wireless connections in the US, so "preserving competition among them is crucial", Deputy Attorney General James M. Cole said at a press conference. A merger of AT&T and T-Mobile, however, would combine two of the four largest competitors in the marketplace, and would eliminate T-Mobile, an aggressive competitor, from the market, Xinhua quoted him as saying. The combination of the two companies would also result in tens of millions of consumers facing higher prices, fewer choices and lower quality products for their mobile wireless services, he added. "We are seeking to block this deal in order to maintain a vibrant and competitive marketplace that allows everyone to benefit from lower prices and better quality and innovative products." AT&T is the second largest mobile phone service provider in the US and T-Mobile is ranked the fourth largest. Since AT&T announced its $39-billion acquisition plan of T-Mobile in March, the deal has proved controversial, with increasing opposition from rivals, consumer advocates and groups.
Source: IANS
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