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T-Mobile, Sprint expected to extend deal date: sources

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07/11/2019 | 01:52pm EDT
FILE PHOTO: A smartphone with Sprint logo are seen in front of a screen projection of T-mobile logo, in this picture illustration

(Reuters) - T-Mobile US Inc and Sprint Corp expect to extend a July 29 deadline to complete their $26-billion merger, according to two sources close to the deal.

The sources declined to say what the new deadline would be.

T-Mobile and Sprint have agreed to a series of deal concessions, including to sell the prepaid brand Boost, to gain merger approval, but they still need a green light from the U.S. Department of Justice. The department's antitrust staff recommended the agency block the deal.

The companies are in talks with Dish to hammer out the Boost sale in order to win over the department.

The parties are haggling over restrictions over who can buy the divested assets if they are sold in the future, with T-Mobile and Deutsche Telekom seeking to prevent them from going to a cable or technology company, the Wall Street Journal reported on Thursday.

The Justice Department has indicated that it wants the new competitor to be strong enough to compete with the industry giants, which would be Verizon Communications Inc, AT&T Inc and T-Mobile if this merger goes through.

The Federal Communications Commission's chief has given his blessing to the merger in principle and is expected to circulate a formal order within weeks.

In an unusual move, state attorneys general filed a lawsuit in June to ask a judge to stop the proposed merger, arguing that the deal would cost consumers more than $4.5 billion annually.

(Reporting by Diane Bartz in Washington, Angela Moon in New York and Akanksha Rana in Bengaluru; editing by Maju Samuel, G Crosse and Nick Zieminski)

Stocks mentioned in the article
ChangeLast1st jan.
AT&T -2.01% 32.13 Delayed Quote.12.58%
DEUTSCHE TELEKOM AG 0.11% 14.7 Delayed Quote.-0.81%
DISH NETWORK CORPORATION 2.35% 41.85 Delayed Quote.67.60%
SPRINT CORP 0.72% 7 Delayed Quote.20.27%
T-MOBILE US 0.30% 77.66 Delayed Quote.22.09%
VERIZON COMMUNICATIONS -1.93% 55.5 Delayed Quote.-1.28%
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Financials (USD)
Sales 2019 183 B
EBIT 2019 30 555 M
Net income 2019 19 358 M
Debt 2019 157 B
Yield 2019 6,37%
P/E ratio 2019 12,3x
P/E ratio 2020 11,4x
EV / Sales2019 2,14x
EV / Sales2020 2,08x
Capitalization 234 B
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Number of Analysts 27
Average target price 34,79  $
Last Close Price 32,13  $
Spread / Highest target 49,4%
Spread / Average Target 8,28%
Spread / Lowest Target -34,6%
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Randall L. Stephenson Chairman, President & Chief Executive Officer
John J. Stephens CFO, Principal Accounting Officer & Senior EVP
Joyce M. Roché Independent Director
Laura D'Andrea Tyson Independent Director
Matthew K. Rose Lead Independent Director
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