T-Mobile's (TMUS) $4.4B Acquisition of U.S. Cellular Gets DOJ's Blessing
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Gail Slater, head of the DOJ's antitrust division, stated that U.S. Cellular's struggles to maintain its competitive position could hurt its customers. Thus, with T-Mobile taking over, those users may get better service from a stronger network.
This marks another step in the ongoing consolidation of the U.S. wireless market, where Verizon (VZ), AT&T (T), and T-Mobile now control over 90% of mobile subscriptions. While there are concerns that the deal could limit consumer choice, the DOJ is focused on improving network quality.
TMUS Drops DEI Programs
It must be highlighted that the approval comes after T-Mobile ended its diversity, equity, and inclusion (DEI) programs. The company told the FCC it removed all DEI-related content and reassigned staff, aiming to align with shifting federal priorities.
With this move, TMUS seeks regulatory approval for its U.S. Cellular acquisition and a $4.9 billion joint venture with KKR (KKR) to acquire Metronet, an internet provider with fiber reach to over two million homes.
Another Regulatory Approval Pending
The deal was initially announced in May 2024. This acquisition is likely to bolster T-Mobile's market presence by bringing in over four million new customers and help secure key spectrum rights to enhance its data transmission capabilities.
With DOJ approval secured, the deal now awaits final clearance from the Federal Communications Commission (FCC), which is reviewing the transaction's impact on spectrum ownership and national security.
What Is the Price Target for TMUS?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TMUS stock based on nine Buys, seven Holds, and one Sell assigned in the past three months. The average T-Mobile stock price target is $262.41, implying an upside potential of 15.02%.
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