MetroPCS shareholders on Wednesday gave the acquisition by T-Mobile USA the thumbs-up, which means the deal is on track to close on May 1.
The FCC and Justice Department already have approved the transaction. MetroPCS stockholders followed suit after Deutsche Telekom-owned T-Mobile improved its offer Bloomberg reported that Deutsche Telekeom agreed to reduce the size of and interest rate on a loan it will provide to the merged company. Some MetroPCS shareholders had feared the T-Mobile terms would put MetroPCS too far in debt and give Deutsche Telekom the better conditions.
The deal calls for T-Mobile USA’s parent company, Germany’s Deutsche Telekom, to own 74 percent of the combined company, while MetroPCS shareholders lay claim to the remainder. MetroPCS shareholders also will share $1.5 billion in cash.
Once the acquisition closes, T-Mobile will gain 9 million new prepaid users and get access to more wireless spectrum. The company said those assets will allow it to improve network speed and quality.