Morrison & Foerster is lead legal counsel to Sprint Corp. and for SoftBank Group Corp., the controlling shareholder of Sprint, on the landmark merger of Sprint and T-Mobile US, Inc. Based on closing share prices on April 27, the total implied enterprise value for Sprint is approximately $59 billion and the aggregate for the combined company in the all-stock transaction is approximately $146 billion. The merger agreement signed April 29 is the year’s largest TMT deal to date and one of the largest telecommunications deals in history.
The deal, which is subject to regulatory approvals, will combine two of the largest wireless carriers in the U.S. The combined company will be named T-Mobile (“The New T-Mobile”), and it will be a force for positive change in the U.S. wireless, video, and broadband industries. The New T-Mobile will have the network capacity to rapidly create a nationwide 5G network with the breadth and depth needed to enable U.S. firms and entrepreneurs to continue to lead the world in the coming 5G era, as U.S. companies did in 4G.
The American Lawyer has written that the merger “could transform the U.S. telecommunications sector,” with The Wall Street Journal noting that the merger “by all indications would benefit customers and promote competition.”
The MoFo team advising on the Sprint and T-Mobile merger is led by Global M&A Practice Group co-chair Robert Townsend (San Francisco), corporate partners Brandon C. Parris (San Francisco) and David Slotkin (Washington D.C.), antitrust partners David Meyer (Washington D.C.) and Jeff Jaeckel (Washington D.C.), regulatory partner Nick Spiliotes (Washington D.C.), tax partner Bernie Pistillo (San Francisco) and Tokyo office managing partner Ken Siegel.
To learn more about the historic combination and Morrison & Foerster’s role as lead counsel, please see Law360’s article on the transaction.