AT&T and T-Mobile have taken away an application from the U.S. Federal Communications Commission seeking agreement for a merger.
AT&T and T-Mobile have taken away an application from the U.S. Federal Communications Commission seeking agreement for a merger. The two companies are making attempts to reach agreement for approval on two fronts. The FCC as well as the U.S. Department of Justice is disapproving the contract which means they’ll be fighting for the DOJ’s approval first.
AT&T would record one-time costs of $4 billion this quarter in case the deal falls through. They are continuing to pursue the sale of T-Mobile USA to AT&T.
Now AT&T’s auditors have concluded that the deal is likely to fail and have forced the company to take that charge.
AT&T’s intention to buy T-Mobile has got blows from all sides since its announcement in March 2011, consisting opposition from the DOJ, the FCC and a lawsuit from Sprint. It comes as no surprise if AT&T gives up on it even before the final Sep. 20 2012 deadline
