The move, approved by the boards of both companies today, will make AT&T a major player in the wireless telecom sector pending regulatory review.
The move will affect over 130 million people if it is approved. The two companies have stated that it will take them in excess of 12 months to get through all the bureaucracy if the deal is indeed agreed upon.
Of course there couldn't be news this big without controversy. As reported by Endgaget.com, the move will install a de facto GSM monopoly in the United States as there will only be major carriers. Horrible.
But don't worry! At&t paints the situation as a "rosy garden of straight-forward synergies". Yea, right.
The company touts many advantages of its customers thanks to its newly annexed spectrum. T mobile's sprectrum will not compliment At&t's 700MHz licenses as it moves to 4G.
If none of this happens however, and the agreement doesn't pass with regulatory approval, At&t will owe T Mobile $3 billion in breakup fees. Interesting.
Heres a quick video with all the details and the deals affect on Germany and the stock markets:
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