Dallas, Texas-based AT&T Inc. has entered into a definitive agreement with Bonn, Germany-based Deutsche Telekom AG to acquire its company T-Mobile USA in a $39 billion cash-and-stock transaction.
The agreement has already met the approval of the boards of directors for both telecommunication companies and is now subject to regulatory approvals. The transaction is expected to close within 12 months, according to an AT&T news release.
"This transaction represents a major commitment to strengthen and expand critical infrastructure for our nation’s future,” Randall Stephenson, AT&T Chairman and CEO said in the release. "During the past few years, America’s high-tech industry has delivered innovation at unprecedented speed, and this combination will accelerate its continued growth."
As part of the transaction, Deutsche Telekom would receive an equity stake in AT&T representing an ownership interest of 8 percent.
"After evaluating strategic options for T-Mobile USA, I am confident that AT&T is the best partner for our customers, shareholders and the mobile broadband ecosystem," Deutsche Telekom Chairman and CEO René Obermann said in the release.
AT&T has approximately 95.5 million mobile customers and would add approximately 33.7 million customers with the acquisition of T-Mobile.
As to the fate of T-Mobile employees, the release said AT&T is planning to combine the work forces of both companies, but it did not specifically say how Springfield employees would be affected.
T-Mobile operates a retail store at 1414 E. Battlefield Road and the T-Mobile USA Inc. Customer Service Center at 2645 N. Airport Plaza Ave. The customer service center employed about 760 employees as of early December and pledged to hire 300 additional workers in 2011, according to Springfield Business Journal archives
Mark Conrad, general manager for the Springfield customer service center, could not be reached for comment by deadline.[[In-content Ad]]