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T-Mobile/MetroPCS Deal To Close in 2Q 2013

NEW YORK ( TheStreet) - Germany's Deutsche Telekom hopes to complete the merger of its T-Mobile USA business and MetroPCS (PCS) before next summer.

Reuters reports that Deutsche Telekom's CFO Timotheus Hoettges told German newspaper Boersenzeitung that the merger should be completed in the second quarter of 2013.

The deal, announced nearly two weeks ago, will see MetroPCS buying T-Mobile's U.S. operation - the fourth largest cellular company in this country - in an effective 26%-74% reverse merger. The newly combined company should be better equipped to compete with larger rivals AT&T (T - Get Report)and Verizon (VZ - Get Report).

It could also mean increased competition for the current number three cellular provider Sprint (S), which announced a deal with Japan's Softbank early on Monday.

The merger also gives Deutsche Telekom a big, liquid asset.

Hoettges assured current Deutsche Telekom shareholders that the company's planned dividend will not be affected by the deal. Shareholders are still set to receive dividends of €0.7 (91 cents) per share for 2012.

--Written by Gary Krakow in New York.

>To submit a news tip, send an email to:
Gary Krakow is TheStreet's senior technology correspondent.

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