Shareholders at MetroPCS made the final vote to approve the carrier marriage
After FCC approval, a planned shareholder vote, and a revised deal by T-Mobile, MetroPCS shareholders have finally voted to approve the reverse merger between the two companies. In this 'reverse merger,' the smaller company, MetroPCS, will be buying the larger T-Mobile.
René Obermann, the CEO of Deutsche Telekom (T-Mobile's parent company), says this is an important step in the company's plans going forward, as "it enables us to be more aggressive in the USA." With T-Mobile's recent and continuing network improvements, revamped monthly plans, and its ability to offer phones like the Galaxy S4 and iPhone, the company is working hard to improve their competitive position in the United States.
With the recent approval by MetroPCS, the deal to merge the two carriers is set to close on May 1, 2013. MetroPCS shareholders will receive $1.5 billion in advance, and get 26 percent of the shares of the newly merged company. The changes that subscribers on both ends of this deal will see are still yet to be determined. Expect more as this milestone deal develops.
- Filed under: