Sprint and T-Mobile Change Terms For Merger
Sprint Corp. and T-Mobile US Inc. arranged and agreed on new terms for their merger, according to The Wall Street Journal.
The two companies recently announced they were closing on the deal after a federal court challenge approved the merger. Last week, US District Judge Victor Marrero approved the merger and disregarded complaints from state attorneys claiming the deal was anti-competitive.
A statement today stated that the parties will improve the exchange ratio in the all-stock deal for T-Mobile's parent, Deutsche Telekom AG. T-Mobile released a statement specifying that the deal is expected to officially close on April 1.
The original deal stated that 9.75 Sprint shares would be exchanged for each T-Mobile share. However, the new deal states that SoftBank Group Corp. will now exchange 11 shares of Sprint's common stock for each T-Mobile share.
Sprint Corp. and T-Mobile US Inc. arranged and agreed on new terms for their merger.