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T-Mobile USA, MetroPCS complete merger
2013-05-02 08:52:00| Telecompaper Headlines
(Telecompaper) Deutsche Telekom and T-Mobile USA announced the completion of the combination of T-Mobile USA and MetroPCS. The combined company, T-Mobile US, began trading 01 May on the New York Stock Exchange. As previously announced, the board of directors of the combined company will have eleven members, including two directors of MetroPCS who will continue with the combined company. Tim Hottges, currently deputy CEO and CFO of Deutsche Telekom, will serve as chairman of the board. Under the terms of the merger, MetroPCS effected a one-for-two reverse stock split, made a cash payment of USD 1.5 billion to its stockholders (approximately USD 0.26 per share prior to the reverse stock split) and acquired all of T-Mobile's capital stock from Deutsche Telekom in exchange for approximately 74 percent of MetroPCS's common stock on a pro forma basis. The combined company is headquartered in Bellevue, Washington and maintains a significant presence in Richardson, Texas. The new company will be led by CEO John Legere, with former MetroPCS vice chairman and CFO J. Braxton Carter, serving as CFO. As previously announced, the combined company will operate T-Mobile and MetroPCS as separate brands, led by Jim Alling and Thomas Keys, respectively, migrating to a common network infrastructure and with common support functions.
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Category:Telecommunications