The stockholders of MetroPCS approved the agreement with Deutsche Telekom to combine T-Mobile USA with their company. Deutsche Telekom applauds the shareholders' decision, which clears the path for a new, combined, larger and more powerful mobile services provider in the US. With today's approval by MetroPCS' stockholders, all requisite approvals required to complete the proposed combination have been received and the transaction is expected to close by 1 May 2013. In line with the closing, the consolidation of the new company into Deutsche Telekom will be effective as of the same date.
As part of the transaction, MetroPCS shareholders will receive an advanced cash payment of approximately USD 1.5 billion from their company. This will be followed by a reverse stock split of the MetroPCS share before the company is merged with T-Mobile USA. Following the closing of the transaction, the shareholders of (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 of T-Mobile USA and will be listed on the New York Stock Exchange under the symbol TMUS.
