In Wake of Telecom Consolidation, Few Deals Are Left

Telecommunications bankers are running out of deals to pitch. Since 2011, a rush of multibillion-dollar acquisitions has reshaped the United States wireless market.

Now, with Sprint and T-Mobile zeroing in on an agreement to join forces, one of the last big deals for the industry may be nearing an announcement. Some of the deals that have led up to this moment were foregone conclusions.

Verizon always planned to take full control of Verizon Wireless, but waited until the debt markets could support its $130 billion purchase from Vodafone, its partner in the venture. Others had been long rumored and finally came to fruition. After AT&T was blocked by regulators in its attempt to acquire T-Mobile, it was expected that T-Mobile would try to grow on its own. That’s why it merged with MetroPCS. O

thers were surprise moves that set off a chain reaction that is still playing out. AT&T, unable to buy more wireless customers, has turned its attention to television, agreeing to buy DirecTV.

The lines separating telephone, Internet and television companies, meanwhile, continue to blur, as each muscles into the others’ territory. But between these announced deals and the impending announcement by Sprint and T-Mobile, it is hard to see what meaningful assets telecommunications companies can set their sights on next. In the wake of all this consolidation, there are only a few potential targets remaining.