MetroPCS Communications, Inc. announced today that its stockholders overwhelmingly voted to approve all of the proposals required for closing the proposed combination with T-Mobile USA, Inc. With today's approval of the proposals by MetroPCS' stockholders, all requisite approvals required to complete the proposed combination have been received. The proposed combination is expected to be completed after the close of business on April 30, 2013.
"We are pleased with the outcome of today's vote and thank all of our stockholders for their support," said Roger D. Linquist, Chairman and Chief Executive Officer of MetroPCS. "Our combination with T-Mobile will create the value leader in the U.S. 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. We look forward to completing the combination shortly and delivering compelling value to the stockholders and customers of the combined company."
Upon completion of the proposed combination, MetroPCS' stockholders of record as of the close of business on the closing date, which is expected to be April 30, 2013, will receive an immediate $1.5 billion aggregate cash payment, or approximately $4.06 per share (prior to the reverse stock split that will occur in connection with the closing of the proposed combination), as well as an approximate 26 percent ownership stake in the combined company.
Approximately 86.21 percent of MetroPCS' total outstanding shares of common stock as of the March 11, 2013 record date for the special meeting were voted. MetroPCS had 369,882,190 shares of common stock outstanding as of the record date for the special meeting.