AT&T Backs Out of T-Mobile USA Bid

AT&T has agreed with Deutsche Telekom AG to end a bid to buy T-Mobile USA after a nine month pursuit. The conclusion comes on the heels of actions taken by the Justice Department and the FCC in recent months which were aimed at combating the bid effort to ensure consumer choice and controlled prices in the market.

Following the announcement, Randall Stephenson, AT&T chairman and CEO promised, “AT&T will continue to be aggressive in leading the mobile Internet revolution… Over the past four years we have invested more in our networks than any other U.S. company.”

Stephenson also elaborated on future investments and the feasibility for their continued success:

“To meet the needs of our customers, we will continue to invest… However, adding capacity to meet these needs will require policymakers to do two things. First, in the near term, they should allow the free markets to work so that additional spectrum is available to meet the immediate needs of the U.S. wireless industry, including expeditiously approving our acquisition of unused Qualcomm spectrum currently pending before the FCC. Second, policymakers should enact legislation to meet our nation’s longer-term spectrum needs.”

[via att]