MetroPCS Communications, Inc. (PCS), which is in deal to be merged with T-Mobile USA, Inc., a unit of German telecom giant Deutsche Telekom AG (DTEGY.PK), on Thursday said the companies have now received all required regulatory approvals for the proposed combination.
MetroPCS, which provides wireless personal communication services, noted that on March 20, the Committee on Foreign Investment in the United States advised Deutsche Telekom and MetroPCS that it has determined that there are no unresolved national security concerns with respect to the deal and that it has therefore concluded its review.
On March 12, the Federal Communications Commission had approved the combination.
The proposed combination, however, remains subject to the approval of MetroPCS stockholders. The company noted that a Special Meeting of its stockholders to vote on matters relating to the proposed combination has been scheduled for April 12. The stockholders of record as of the close of business on March 11 are entitled to vote at the Special Meeting, shortly after which the combination is expected to close.
MetroPCS said its board unanimously recommends that stockholders vote their shares FOR all of the proposals by returning the GREEN proxy card they will receive in due course. The company also urged stockholders to discard any white proxy cards, which were sent by a dissident stockholder.
It was in last October that T-Mobile USA and MetroPCS agreed to combine, retaining the T-Mobile name. Under the deal, MetroPCS will declare a 1-for-2 reverse stock split and make a cash payment of $1.5 billion to its shareholders. Deutsche Telekom will hold a 74 percent stake in the combined company, while MetroPCS will hold the remaining 26 percent stake.
Bellevue, Washington-based T-Mobile USA, the fourth largest wireless carrier in the US, expects the merger will enable it better compete with Sprint Nextel Corp. (S), AT&T Inc. (T) and Verizon Wireless (VZ).
Last year, Deutsche Telekom failed in its attempt to sell T-Mobile USA in a $39 billion deal to AT&T after US regulators concluded that the merger would curb competition for mobile wireless services and raise prices.
MetroPCS closed Wednesday's trading at $10.57, up $0.11 or 1.05 percent.
On Frankfurt's Xetra, Deutsche Telekom shares are currently trading at 8.47 euros, down 0.07 euros or 0.81 percent.
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