Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

MetroPCS Communications Stockholders Approve T-Mobile USA-MetroPCS Merger

4/24/2013 10:43 AM ET

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
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
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.