French Firm Makes Surprise Bid for T-Mobile
Iliad, a telecom business based in France, has made an unsolicited offer to purchase T-Mobile U.S. The company submitted the offer to T-Mobile's board within the last week. It is offering $15 billion in cash for a controlling 56.6% stake in the company. Iliad's role in the French mobile market is similar to T-Mobile's in the U.S. market. It sees T-Mobile as a natural fit and a way to break into the U.S. market. "The U.S. mobile market is vast and attractive," said Iliad in a statement. "T-Mobile has successfully established itself in the market by positioning itself, in many respects, in a similar way to Iliad in France." Iliad's offer complicates Sprint's interest in T-Mobile. Sprint and T-Mobile are believed to have agreed to the broad strokes of an acquisition, but are still hammering out details. Sprint has not made a formal offer for T-Mobile, but may have to accelerate its plans with Iliad's offer now on the table. T-Mobile has not commented publicly on Iliad's offer, but it did report second quarter earnings today. T-Mobile added 1.5 million new customers this quarter and has expanded the availability of VoLTE nationwide as of today.
Good news that makes sense
French company buying out German one...ummm yeah