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24.07.2000 – 07:59

Deutsche Telekom AG

ots Ad hoc-Service: Deutsche Telekom AG Deutsche Telekom to acquire VoiceStream for $ 50.7 billion

The sender is solely responsible for the contents of this announcement. -----------------------------------------------------

    Bonn (ots Ad hoc-Service) -      

    The transaction consists of a share swap and a cash offer - creating a global provider with 375 million potential subscribers

    Deutsche Telekom AG and US-based VoiceStream have signed an agreement under which Deutsche Telekom will acquire the only US wireless carrier that owns and operates a GSM network nationwide. On Sunday, July 23, 2000, the Supervisory Board of Deutsche Telekom and the Board of Directors of VoiceStream approved the transaction, which will form the first trans-Atlantic GSM provider, with over 375 million potential subscribers based on the number of customers that can be covered by majority-controlled companies. The primary component of the agreement consists of a share exchange. VoiceStream shareholders will receive 3.2 Deutsche Telekom shares and $30 in cash for each share of VoiceStream common stock. Calculated on the basis of 259 million VoiceStream shares, this transaction is currently valued at $50.7 billion based on Deutsche Telekom's Euro closing share price as of Friday, July 21, 2000. Deutsche Telekom will issue 828.8 million new T-shares from the authorized capital approved by shareholders at the Annual General Meeting on May 25, 2000. In addition, Deutsche Telekom will assume approximately $5 billion of VoiceStream net debt. It is expected that the transaction will be completed during the first half of 2001, pending approval of respective regulatory authorities.

    The agreement calls for a so-called lock-up agreement with the majority of the core shareholders. These core shareholders are required to hold their Deutsche Telekom shares received in this transaction for certain periods of time.

    Deutsche Telekom invites you to a press conference held this Monday at 2:00 pm on the trade fair grounds in Hanover (Conference center Messe TCM, room Bonn) to discuss the details of this transaction.

End ----------------------------------------------------- Internet: http://recherche.newsaktuell.de

Original-Content von: Deutsche Telekom AG, übermittelt durch news aktuell

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