The planned merger between AT&T and T-Mobile USA faces a great deal of opposition from two major United States federal authorities – the Department of Justice (DOJ) and Federal Communications Commission (FCC). Despite this, AT&T announced that it plans to continue efforts to close the deal.
According to Reuters, the company has earmarked $10 billion in cash from its balance sheet, and also stated a willingness to put the value of its $20 billion bridge facility and $8 million in backup funds toward this deal. John Stephens, AT&T's chief financial officer, made these statements at the UBS media conference in New York City.
"We clearly have an ability to close the deal very quickly and have those resources," he said, according to the news provider. "That is the plan."
However, Stephens has said very little regarding his company's plans to deal with the DOJ and FCC opposition to the merger, though AT&T did announce in late November that it had withdrawn its FCC application to concentrate on addressing the DOJ antitrust lawsuit. That case is scheduled for an unspecified date in February.
Despite its regulatory troubles, AT&T is expected to break its existing record for sales of smartphones and related smartphone accessories in 2011's fourth quarter due to the success of the iPhone 4S, as reported by eWeek.