Following a green light from the Federal Communications Commission and a lack of objections from the Department of Justice, T-Mobile and MetroPCS needed one last regulatory approval before merging. That happened yesterday when the Committee on Foreign Investment in the U.S. gave the deal a nod of approval. The deal isn’t done just yet, however.
MetroPCS stockholders still need to approve the transaction, and the group will meet on April 12 to vote on whether or not the two companies should merge. “The combination is expected to close shortly after the Special Meeting,” T-Mobile said in a press release. “The MetroPCS board unanimously recommends that stockholders vote their shares FOR all of the proposals relating to the proposed combination with T-Mobile by returning the GREEN proxy card they will receive in due course with a “FOR” vote for all proposals. The failure to vote or an abstention has the same effect as a vote against the proposed combination.” The vote was originally scheduled for March 28.
We expect we’ll hear a bit more about the deal during T-Mobile’s press event on March 26, where we also expect to hear additional information on the carrier’s 4G LTE roll-out plans.