T-Mobile US: Iliad (ILIAF) in search of partners for TMUS bid - Oppenheimer
Oppenheimer discusses reports Iliad is having some success in gaining traction with private equity/strategic partners to make an improved joint bid for TMUS. They think strategic partners such as AMX (which has over 5M prepaid subs in the US and lots of capital) would make a lot of sense; CMCSA and DISH could also but not by the Iliad set October deadline. Iliad coud potentially bid $35-40 if it could raise ~$ 5 bln in equity. They believe TMUS's stated desire for additional spectrum would leave Dish Network as the primary partner, which they generally view as positive for TMUS, but note that this could also limit the bid price if Iliad and DISH decide to combine on an offer for the co.