|T-Mobile USA and SunCom Wireless Announce FCC Approval of Pending Merger|
Posted: 11-Feb-2008 [Source: SunCom]
[Companies receive FCC approval for pending merger and expect to close the transaction by end of February.]
Bellevue, WA & Berwyn, PA -- T-Mobile USA, Inc., and SunCom Wireless Holdings, Inc. announced today that they have received Federal Communications Commission (FCC) approval for the companies' pending merger. This completes all required regulatory approvals for the merger, and the companies expect to close the transaction by the end of February. T-Mobile USA is a wholly owned subsidiary of Deutsche Telekom AG.
"Combining the strength of T-Mobile's national network, top-ranked customer service and rich personal communications products and services is an added benefit to the more than one million customers served by SunCom," said Robert Dotson, president and CEO of T-Mobile USA, Inc. "We very much appreciate the FCC's speedy approval of this transaction."
"We appreciate the Commissioners' time and thoughtful review of the proposed merger and are extremely pleased with their decision to approve the license transfers," said Mike Kalogris, chairman and chief executive officer of SunCom Wireless.
Announced Sept. 17, 2007, the definitive merger agreement provides for the acquisition by T-Mobile USA of all of the outstanding shares of common stock of SunCom, for an aggregate of approximately $2.4 billion in cash and assumed debt. This includes cash payment of approximately $1.6 billion and $0.8 billion net debt.
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