There's about to be one less carrier in the US.
T-Mobile US, which is owned by Deutsche Telekom in Germany, has announced that it will acquire MetroPCS, the fifth-largest mobile carrier in the U.S.
The companies will be combined under the T-Mobile name. According to the company, the deal will result in a more products and deeper network coverage, which will include plans for a bigger LTE network.
"The new company will be the value leader in wireless with the scale, spectrum and financial and other resources to expand its geographic coverage, broaden choice among all types of customers and continue to innovate, especially around the next-generation LTE network," René Obermann, CEO of Deutsche Telekom, said in a statement.
Deutsche Telekom's board unanimously approved the deal. MetroPCS shareholders will receive $1.5 billion in cash and 26 percent ownership in the combined company.
In March 2011, AT&T made a move to acquire T-Mobile US, the fourth-largest carrier in the U.S., from Deutsche Telekom, but the deal was ultimately rejected by the Department of Justice because of antitrust issues.
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