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T-Mobile and Metro PCS Merge
 posted  October 3rd 2012 at 10:48 AM

The deal is structured as a recapitalization, in which MetroPCS will declare a 1 for 2 reverse stock split, make a cash payment of $1.5 billion to its shareholders and acquire all of T-Mobile's capital stock by issuing to Deutsche Telekom, its parent company, 74 percent of MetroPCS' common stock.

The new company will keep the T-Mobile name, locate its headquarters in Bellevue, Wash. (with a sizeable presence in Dallas, Texas) and continue trading on the New York Stock Exchange. T-Mobile president and CEO John Legere will keep his title for the new combined company, which plans to operate the two brands as separate customer units led by T-Mobile's Jim Alling and MetroPCS' Thomas Keys, respectively.

The companies believe the merger will offer more network coverage, a broader product lineup and "a clear-cut technology path to one common LTE network," and serves as a hedge against the increasing consolidation at the top of the U.S. market, where rival carriers Verizon and AT&T lead the market by a considerable margin.

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SOURCE  ZDNET
 
 
 
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