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AT&T drops plans to acquire T-Mobile

AT&T T-Mobile dead

AT&T on Monday announced that it has ended its bid to acquire T-Mobile.

AT&T will incur a pre-tax "breakup fee" of $4 billion in the fourth quarter and will enter into a roaming agreement with T-Mobile's parent company, Deutsche Telekom.

AT&T maintained that the deal would have benefited the U.S. wireless industry. But in recent months, it faced challenges from the Department of Justice and Federal Communications Commission, both of which found that the merger would not be in the public's interest. That opposition, however, does "not change the realities of the U.S. wireless industry," AT&T said.

"AT&T will continue to be aggressive in leading the mobile Internet revolution," Randall Stephenson, AT&T chairman and CEO, said in a statement. "To meet the needs of our customers, we will continue to invest."

Click to continue reading AT&T drops plans to acquire T-Mobile


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