Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

MetroPCS Communications Stockholders Approve T-Mobile USA-MetroPCS Merger

Deutsche Telekom AG (DTEGY.PK) announced that the stockholders of MetroPCS Communications Inc. (PCS: Quote) have approved a merger agreement between T-Mobile USA and MetroPCS.

Deutsche Telekom stated that, with today's approval by MetroPCS' stockholders, all the requisite approvals required to complete the proposed combination have been received and the transaction is expected to close by May 1, 2013.

In line with the closing, the consolidation of the new company into the Deutsche Telekom Group will be effective as of May 1, 2013.

As part of the transaction, MetroPCS shareholders will receive an advanced cash payment of about US$1.5 billion from their company. This will be followed by a reverse stock split of the MetroPCS shares before the company is merged with T-Mobile USA.

Upon the closing of the transaction, the shareholders of (the former) MetroPCS will receive 26 percent of the shares of the new company, while Deutsche Telekom will hold 74 percent of the merged company. The company will trade under the legal name T-Mobile US and will be listed on the New York Stock Exchange under the symbol TMUS.

It was in last October that T-Mobile USA and MetroPCS agreed to combine, retaining the T-Mobile name.

Register
To receive FREE breaking news email alerts for Deutsche Telekom AG and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks have fluctuated over the course of the trading day on Thursday, as traders continue to digest yesterday's monetary policy announcement from the Federal Reserve as well as better than expected third quarter GDP data. Hundreds of protesters stormed Burkina Faso's parliament on Thursday and set fire to the building, preventing the lawmakers from considering a bill to extend the president's 27-year rule. Security forces opened fire on protesters, as they looted computers and televisions in the National Assembly, news agencies reported. The angry crowd then marched towards the President's office, before they were U.S. economic activity increased by more than expected in the third quarter of 2014, according to a report released by the Commerce Department on Thursday. The Commerce Department said GDP increased by 3.5 percent in the third quarter compared to 3.0 percent growth expected by economists.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.