Deutsche Telekom Welcomes MetroPCS Shareholder Merger Approval

German telecommunications company Deutsche Telekom AG (DTE.XE) Wednesday said it applauds the decision of MetroPCS Communications Inc.'s (PCS) shareholders to agree with the combination of MetroPCS and T-Mobile USA.

MAIN FACTS:

-The transaction is expected to close by May 1, 2013 and the new company will be consolidated into the Deutsche Telekom group on the same date.

-As part of the transaction, MetroPCS shareholders (status as of March 11, 2013) will receive an advanced cash payment of approximately 1.5 billion dollars 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.

-Following the closing of the transaction, the shareholders of (the former) MetroPCS will receive 26% of the shares of the new company, while Deutsche Telekom will hold 74% 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.

-"We have accomplished a lot in the USA recently, for example our network modernization and the new T-Mobile USA management team, which has seen considerable success," said Rene Obermann, CEO of Deutsche Telekom Group.

 
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500 
 

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