What you need to know
- FCC Chairman Ajit Pai recommends approval for T-Mobile merger with Sprint.
- T-Mobile and Sprint to divest Boost Mobile.
- T-Mobile must be aggressive with 5G rollout over next three years.
T-Mobile's merger with Sprint has received a major vote of confidence from Federal Communications Commission chairman Ajit Pai.
Pai released a statement on Monday confirming he'll vote to approve the merger after T-Mobile committed to an aggressive buildout of 5G over the next few years. During this time, T-Mobile may not raise prices while the network is being constructed.
"In light of the significant commitments made by T-Mobile and Sprint as well as the facts in the record to date, I believe that this transaction is in the public interest and intend to recommend to my colleagues that the FCC approve it," Pai said.
A new website (newtmobile.com) went live to persuade people as to why the deal is good for the American public.
The deal has been months in the making and it still needs additional approval before it officially closes.
"The New T-Mobile's 5G network will support the creation of thousands of new jobs across America, deliver lower prices and better value for wireless and in-home broadband customers and will transform lives in ways we can't event imagine yet," reads a joint statement from T-Mobile and Sprint.
T-Mobile said it will invest $40 billion in rolling out 5G in the coming years. The carrier says consumers will have access to 100Mbps across 90-percent of the U.S. within six years. Prices will also allegedly be more affordable than they are now.
"We plan to compete aggressively to drive down prices," the joint statement reads.
As part of the agreement, T-Mobile and Sprint will divest Boost Mobile. T-Mobile will also roll out in-home broadband to over 9 million households by 2024.
If T-Mobile fails to deliver on its promises, it will suffer the consequences, as outlined in a statement from Pai.
"These consequences, which could include total payments to the U.S. Treasury of billions of dollars, create a powerful incentive for the companies to meet their commitments on time," Pai said.
While the merger has been given the vote of confidence by the FCC, it still needs approval from the Justice Department.
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