T-Mobile has cleared a major hurdle in its bid to take over fellow US mobile service provider MetroPCS.
The company said that MetroPCS shareholders have overwhelmingly voted in favour of T-Mobile's proposal to buy out shares of the company in return for cash and stock holdings in a new combined effort between the firms.
Under the plan, T-Mobile will pay out some $4.06 per share, or $1.5bn in immediate cash payouts. The remainder of the value will come from the distribution of shares in a new, combined network operator with an estimated worth of $16bn.
The deal, when finalised, will help to strengthen T-Mobile USA and return further value to parent companies T-Mobile and Deutsche Telekom.
The merger has already received the backing of US regulators, who green-lighted the deal in March with hopes that the combined MetroPCS and T-Mobile networks will be able to improve overall LTE broadband coverage and availability to US consumers.
"We are pleased with the outcome of today's vote and thank all of our stockholders for their support," said MetroPCS chairman and chief executive Roger Linquist.
"Our combination with T-Mobile will create the value leader in the US wireless marketplace, and we are confident that the combination of these two outstanding businesses is the best outcome for MetroPCS and our stockholders and will maximize stockholder value."
Following the vote, MetroPCS said that it expects the deal to move forward quickly, with the process finalised by the end of the month.
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