U.S. hangs up on AT&T marriage to T-Mobile
The acquisition of T-Mobile by AT&T has been blocked by the Justice Department.
The $39 billion deal has been put on hold after the Justice Department ruled that the acquisition would “reduce competition and raise prices,” according to the Associated Press.
The deal would also violate U.S. anti-trust law, according to Bloomberg News.
Late Tuesday night AT&T tried to sweeten the deal by saying it would “will bring back 5,000 call-center jobs that were outsourced abroad,” according to the New York Times.
AT&T can challenge the Justice Department in court. If the deal does not go through “AT&T would have to pay Deutsche Telekom $3 billion in cash” and “provide T-Mobile USA with wireless spectrum in some regions and reduced charges for calls into AT&T’s network, for a total package valued at as much as $7 billion,” reported Bloomberg.
News of the Justice Department's ruling is taking Twitter by storm as hundreds of people weigh in