T-Mobile completes purchase of Sprint to form new wireless giant

T-Mobile has completed its acquisition of smaller rival Sprint in a deal valued at $31.6 billion at T-Mobile’s Tuesday closing stock price. The merger creates a third wireless giant rivaling AT&T and Verizon.

The two companies announced plans to merge two years ago, but state and federal authorities objected.

The Federal Communications Commission and the Department of Justice approved the deal last year, but as a condition the DOJ insisted the companies set up satellite TV company Dish as a new wireless carrier to boost competition.

State attorneys general sued to block the deal, saying it would reduce competition and drive up prices for consumers. A federal judge ruled in favor of the companies earlier this year.

T-Mobile says joining forces with Sprint will result in a better network and lower prices.

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