logo
Share SHARE
FONT-SIZE Plus   Neg

MetroPCS Communications Stockholders Approve T-Mobile USA-MetroPCS Merger

Deutsche Telekom AG (DTEGY.PK) announced that the stockholders of MetroPCS Communications Inc. (PCS) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Even after two years of thoroughly searching across the Indian Ocean, using modern technologies and devices, there is no clue about the Malaysian airline that vanished on March 8, 2014. Internet access is growing worldwide, but there is still a long way to go before the entire world is completely wired, a study from the Pew Research Center has found. The study also noted that men have greater access to the Internet than women in many nations. Backtracking on its early announcements on digital privacy, WhatsApp is planning to share member information, phone numbers and analytical data with Facebook, to make revenue from the platform.
comments powered by Disqus
Follow RTT