T-Mobile, Sprint Amend Deal Terms
T-Mobile and Sprint amended terms of their merger agreement through a unanimous vote by the companies’ boards, they said Thursday. The deal extends the outside date for closing to July 1, though carriers aim to close the deal as early…
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as April 1, they said. A separate arrangement entered into by SoftBank Group will result in an effective exchange ratio of about 11 Sprint shares for each T-Mobile share after closing, an increase from the originally agreed 9.75 shares. SoftBank agreed to surrender about 48.8 million T-Mobile shares acquired in the transaction to New T-Mobile, making SoftBank’s effective ratio 11.31 Sprint shares per T-Mobile share, the carriers said. Other Sprint shareholders will continue to get about 9.75 Sprint shares for each T-Mobile share, they said. After SoftBank surrenders shares, Deutsche Telekom expects to hold about 43% of the new company’s shares, and SoftBank 24%, with the remaining third held by public shareholders, they said. “T-Mobile has agreed to re-issue to SoftBank the previously surrendered shares upon the achievement of certain stock price milestones by New T-Mobile during a specified measurement period, and subject to certain additional terms, as outlined in the letter agreement that will be filed by each of T-Mobile and Sprint with the SEC.”