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  4. T-Mobile to sell wireline business to Cogent, expects $1 billion charge
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T-Mobile to sell wireline business to Cogent, expects $1 billion charge

(Reuters) - T-Mobile US (NASDAQ:TMUS) Inc is doubling down on 5G services by selling its wireline business to Cogent Communications Holdings Inc in a deal it expects to result in...
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T-Mobile to sell wireline business to Cogent, expects $1 billion charge © Reuters. FILE PHOTO: A T-Mobile logo is advertised on a building sign in Los Angeles, California, U.S., May 11, 2017. REUTERS/Mike Blake

(Reuters) - T-Mobile US (NASDAQ:TMUS) Inc is doubling down on 5G services by selling its wireline business to Cogent Communications Holdings Inc in a deal it expects to result in a $1 billion pre-tax charge.

The deal announced on Wednesday has a value of $1 and under it Cogent will also offer certain services to T-Mobile for $700 million for the next four and a half years after the transaction closes.

T-Mobile has been shifting its focus away from the wireline business, which includes assets from its $26 billion acquisition of Sprint Corp in 2020, as the carrier expands its 5G and high-speed internet services.

In the most recent earnings call, T-Mobile CEO Michael Sievert said the company was no longer using Sprint infrastructure to support its wireless business and that an asset review was underway.

Last year, the company earned $739 million in revenue from the business that houses communications systems, data processing equipment and fibre optic cable.

Cogent said the purchase would strengthen its offering to consumers and enterprises, and added the U.S. long-haul network could eventually replace its current leased network and help expand its product set.

The company does not plan to issue new debt or equity to finance the acquisition and will continue to maintain its current dividend plan.

The deal is expected to close in the second half of 2023, and T-Mobile said it would book the charge in the third quarter of 2022.

Morgan Stanley (NYSE:MS) served as the financial advisor for Cogent, while Houlihan Lokey (NYSE:HLI) served as the financial advisor to T-Mobile.

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01-05-2024 10:45:17 (UTC+7)

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 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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