Global Telecom Mega-Merger, Bailout Caused By Financial Stress | Bloomberg Deals 4/22/2026

Summary

This episode of Bloomberg Deals covers major corporate transactions and market trends, including a potential U.S. government bailout of Spirit Airlines, a mega-merger between Deutsche Telekom and T-Mobile, and a deal between SpaceX and Cursor. Guests discuss dislocations in telecom and private credit, the rare earths supply chain, and the outlook for M&A and activism in a strong market environment.

• Spirit Airlines is in talks for a $500 million rescue package that could leave the U.S. government owning up to 90% of the carrier.
• Deutsche Telekom is discussing a combination with T-Mobile US to create the world's largest phone company.
• SpaceX has a deal for the right to acquire AI company Cursor for $60 billion.
• Jonathan Lewinsohn of Diameter Capital sees dislocations in telecom, software, and private credit.
• Barbara Humpton, CEO of USA Rare Earth, discusses the acquisition of Serra Verde to secure rare earths supply.
• The investment committee discusses AI's impact on software business models and M&A trends.
• Avinash Mehrotra of Goldman Sachs notes strong M&A activity and a shift away from costly proxy fights in activism.
• Jersey Mike's has confidentially filed for an IPO, indicating ongoing market appetite for new listings.