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T-Mobile is looking to renegotiate its $26 billion merger agreement with Sprint as the timeframe for the combination of the two US mobile operators continues to get pushed back, reports CNBC. Business Insider Intelligence

The companies had agreed to combine into one entity, to be known as New T-Mobile, to better compete with AT&T and Verizon in the US market. That merger has been delayed due to regulatory scrutiny from the Federal Communications Commission (FCC) and the US Department of Justice (DOJ), and is still on hold due to an ongoing antitrust lawsuit from a group of state attorneys general.

There are two key takeaways from reports that T-Mobile is looking to reduce how much it will pay to merge with Sprint.

As the timeline of the merger keeps moving out, the deal is becoming less valuable to T-Mobile. One of the core aims of the merger for T-Mobile is to amass the assets — namely wireless spectrum, network infrastructure, and cellular towers — needed to compete with AT&T and Verizon. But as the date to combine moves out, it's becoming clear that T-Mobile might be able to offer a competitive network with the assets it already has. And with the FCC moving to auction off mid-band spectrum next year, Sprint's holdings in the sub-6 GHz bands will be less valuable, giving T-Mobile a credible alternative.

T-Mobile is already facing challenges from the delays, and could be looking to account for losses. For instance, the carrier lost its contract with MVNO Ting Mobile to Verizon, with the regional virtual carrier specifically citing the delays stemming from the merger and the inability of T-Mobile to offer lower rates based on combined infrastructure. T-Mobile has also reportedly notified some of its wireless contractors that it would delay purchase orders for new infrastructure and 5G upgrades until 2020, and is holding off on new sites for macrocells as it awaits approval for the merger.

The uncertainty pervading the wireless market could give AT&T and Verizon a chance to bolster their 5G networks while competing on price with what Sprint and T-Mobile presently offer (and New T-Mobile would be able to). For example, AT&T could potentially drop prices and lower its average revenue per user (ARPU) to compete with any prices New T-Mobile could offer.

Verizon will still be able to lean on a larger wireless customer base, especially once T-Mobile and Sprint spin off their prepaid brands as a concession to regulators. New T-Mobile had hoped to take advantage of its competitors' slow transition to 5G, but due to the range of hurdles that have slowed the merger, its arrival might not have the intended disruptive effect.

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