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NewsPoster Apr 24, 2013 11:07 AM
MetroPCS shareholders approve merger with T-Mobile USA
Shareholders of MetroPCS have reportedly approved the <a href="" rel='nofollow'>merger</a> of the carrier with the fourth-largest mobile phone network, the Deutsche Telekom-owned T-Mobile USA. A shareholder vote for the proposal is the last hurdle for the merger to take place, after both the <a href=" on.customers/" rel='nofollow'>FCC</a> and <a href=" xpire.unhindered/" rel='nofollow'>Department of Justice</a> gave their approval last month with no negative commentary. <br />
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Reports <a href="" rel='nofollow'>from</a> <em>Bloomberg</em> and <a href="" rel='nofollow' target="_self" title="">the</a> <em>Reuters</em> news agency confirm the vote results, which provides Deutsche Telekom a 74-percent stake in the merged company and a $1.5 billion payment to MetroPCS shareholders, after the original proposal received <a href="" rel='nofollow'>some changes</a> in order to win over its critics, including largest MetroPCS shareholder Paulson & Co. <br />
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The revised deal saw Deutsche Telekom lower the amount of debt owed by the new, merged company from $15 billion to $11.2 billion, as well as lowering the interest rate of the loan by half a percent. The lock-up period, the time that Deutsche Telekom cannot publicly sell shares from the company, has been extended from six months to 18 months. <br />
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The merger will provide T-Mobile the spectrum and the means to expand its new <a href=" er/" rel='nofollow'>LTE network</a> across the United States, in order to compete with Verizon and AT&T, as well as bringing over 9 million MetroPCS customers to the T-Mobile GSM network.
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