Summit Ridge Group, LLC today announced that it provided mobile wireless industry and financial analyses for the US Department of Justice (DOJ) regarding the $26 billion merger between T-Mobile and Sprint.
New York, NY April 21, 2020 — Summit Ridge Group, LLC, a leading provider of valuation and financial advisory services in the media, telecommunications and satellite sectors, today announced that the Company provided mobile wireless industry analyses for the US Department of Justice (DOJ) regarding the proposed $26 billion merger of T-Mobile and Sprint.
The DOJ investigated the merger over concerns that it would lessen competition and result in consumers having fewer competitive options and paying higher rates. On July 26, 2019, the DOJ announced a settlement agreement that required T-Mobile and Sprint to divest Sprint’s prepaid business, including Boost Mobile, Virgin Mobile, and Sprint Prepaid, to Dish Network Corp. The settlement also provided for the divestiture of certain spectrum assets to Dish. Additionally, T-Mobile and Sprint must make available to Dish at least 20,000 cell sites and hundreds of retail locations. T-Mobile must also provide Dish with robust access to the T-Mobile network for a period of seven years while Dish builds out its own 5G network. T-Mobile and Sprint announced that their merger closed on April 1, 2020.
The Summit Ridge team, working on behalf of the DOJ analyzed a variety of financial, spectrum, network, mobile wireless industry, and company-specific issues related to the merger.
Summit Ridge’s President and CEO, Armand Musey, said, “Summit Ridge is pleased to have provided to the DOJ our knowledge of the mobile industry and wireless spectrum, as well as our financial expertise, for the DOJ’s investigation of the T-Mobile and Sprint merger.”
Mr. Musey, Managing Director Barlow Keener, and Director John Tardio were involved in the matter supporting the DOJ investigation.